Document and Entity Information
Document and Entity Information | 12 Months Ended |
Mar. 31, 2019shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | MOGU Inc. |
Entity Central Index Key | 0001743971 |
Current Fiscal Year End Date | --03-31 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Interactive Data Current | Yes |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Shell Company | false |
American Depositary Shares | |
Document Information [Line Items] | |
Trading Symbol | MOGU |
Security 12(b) Title | American depositary shares (one American depositary share representing 25 Class A ordinary shares, par value US$0.00001 per share) |
Security Exchange Name | NYSE |
Class A Ordinary Shares | |
Document Information [Line Items] | |
No Trading Symbol Flag | true |
Security 12(b) Title | Class A ordinary shares, par value US$0.00001 per share |
Entity Common Stock, Shares Outstanding | 2,371,289,450 |
Class B Ordinary Shares | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 303,234,004 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands | Mar. 31, 2019USD ($) | Mar. 31, 2019CNY (¥) | Mar. 31, 2018CNY (¥) |
Current assets: | |||
Cash and cash equivalents | $ 190,236 | ¥ 1,276,710 | ¥ 1,224,393 |
Restricted cash | 150 | 1,006 | 1,004 |
Short-term investments | 31,589 | 212,000 | 130,000 |
Inventories, net | 751 | 5,042 | 110 |
Loan receivables, net | 18,015 | 120,901 | 104,247 |
Prepayments and other current assets | 24,026 | 161,249 | 188,862 |
Amounts due from related parties | 267 | 1,789 | 7,179 |
Total current assets | 265,034 | 1,778,697 | 1,655,795 |
Non-current assets: | |||
Property, equipment and software, net | 1,784 | 11,975 | 16,511 |
Intangible assets, net | 149,298 | 1,001,967 | 116,770 |
Goodwill | 233,737 | 1,568,653 | 1,568,653 |
Investments | 36,018 | 241,721 | 201,037 |
Other non-current assets | 114 | 763 | 18,755 |
Total non-current assets | 420,951 | 2,825,079 | 1,921,726 |
Total assets | 685,985 | 4,603,776 | 3,577,521 |
Current liabilities | |||
Accounts payable (including accounts payable of the consolidated VIEs and VIEs' subsidiaries without recourse to the primary beneficiaries of RMB439 and RMB725 as of March 31, 2018 and 2019, respectively. Note 1) | 2,681 | 17,989 | 12,270 |
Salaries and welfare payable (including salaries and welfare payable of the consolidated VIEs and VIEs' subsidiaries without recourse to the primary beneficiaries of RMB4,591 and RMB939 as of March 31, 2018 and 2019, respectively. Note 1) | 3,295 | 22,112 | 20,654 |
Advances from customers (including advances from customers of the consolidated VIEs and VIEs' subsidiaries without recourse to the primary beneficiaries of RMB26 and RMB28 as of March 31, 2018 and 2019, respectively. Note 1) | 175 | 1,177 | 37 |
Taxes payable (including taxes payable of the consolidated VIEs and VIEs' subsidiaries without recourse to the primary beneficiaries of RMB1,613 and RMB1,367 as of March 31, 2018 and 2019, respectively. Note 1) | 871 | 5,844 | 8,523 |
Amounts due to related parties (including amounts due to related parties of the consolidated VIEs and VIEs' subsidiaries without recourse to the primary beneficiaries of RMB nil and 1,085 as of March 31, 2018 and 2019, respectively. Note 1) | 1,400 | 9,393 | 20,103 |
Accruals and other current liabilities (including accruals and other current liabilities of the consolidated VIEs and VIEs' subsidiaries without recourse to the primary beneficiaries of RMB520,355 and RMB325,473 as of March 31, 2018 and 2019, respectively. Note 1) | 73,368 | 492,385 | 608,486 |
Total current liabilities | 81,790 | 548,900 | 670,073 |
Non-current liabilities: | |||
Deferred tax liabilities | 370 | 2,485 | 25,233 |
Other non-current liabilities | 704 | 4,722 | |
Total non-current liabilities | 1,074 | 7,207 | 25,233 |
Total liabilities | 82,864 | 556,107 | 695,306 |
Commitments and contingencies (Note 24) | |||
MEZZANINE EQUITY | |||
Convertible redeemable shares | 7,384,872 | ||
SHAREHOLDERS' (DEFICIT)/EQUITY | |||
Additional paid-in capital | 1,399,561 | 9,392,737 | |
Statutory reserves | 369 | 2,475 | 1,979 |
Accumulated other comprehensive (loss)/income | 11,592 | 77,795 | (3,650) |
Accumulated deficit | (808,426) | (5,425,515) | (4,501,017) |
Total MOGU Inc. shareholders' (deficit)/equity | 603,121 | 4,047,669 | (4,502,657) |
Total shareholders' (deficit)/equity | 603,121 | 4,047,669 | (4,502,657) |
Total liabilities, mezzanine equity and shareholders' (deficit)/equity | 685,985 | 4,603,776 | 3,577,521 |
Convertible Redeemable Class B Ordinary Shares | |||
MEZZANINE EQUITY | |||
Convertible redeemable shares | 140,255 | ||
Convertible Redeemable Series A Preferred Shares | |||
MEZZANINE EQUITY | |||
Convertible redeemable shares | 1,455,962 | ||
Convertible Redeemable Series B Preferred Shares | |||
MEZZANINE EQUITY | |||
Convertible redeemable shares | 3,148,579 | ||
Convertible Redeemable Series C Preferred Shares | |||
MEZZANINE EQUITY | |||
Convertible redeemable shares | 2,640,076 | ||
Class A Ordinary Shares | |||
SHAREHOLDERS' (DEFICIT)/EQUITY | |||
Ordinary shares | 23 | 161 | 21 |
Total shareholders' (deficit)/equity | 161 | 21 | |
Class B Ordinary Shares | |||
SHAREHOLDERS' (DEFICIT)/EQUITY | |||
Ordinary shares | $ 2 | 16 | |
Total shareholders' (deficit)/equity | ¥ 16 | ||
Class C Ordinary Shares | |||
SHAREHOLDERS' (DEFICIT)/EQUITY | |||
Ordinary shares | 10 | ||
Total shareholders' (deficit)/equity | ¥ 10 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Thousands, $ in Thousands | Mar. 31, 2019USD ($)$ / sharesshares | Mar. 31, 2019CNY (¥)shares | Dec. 09, 2018$ / sharesshares | Mar. 31, 2018$ / shares | Mar. 31, 2018CNY (¥)shares | Mar. 31, 2017shares | Mar. 31, 2016shares | May 30, 2014$ / sharesshares | May 16, 2014$ / sharesshares | May 24, 2013$ / shares | May 23, 2013$ / shares | Jan. 19, 2012$ / sharesshares | Nov. 30, 2011$ / sharesshares |
Accounts payable | $ 2,681 | ¥ 17,989 | ¥ 12,270 | ||||||||||
Salaries and welfare payable | 3,295 | 22,112 | 20,654 | ||||||||||
Advances from customers | 175 | 1,177 | 37 | ||||||||||
Taxes payable | 871 | 5,844 | 8,523 | ||||||||||
Amounts due to related parties | 1,400 | 9,393 | 20,103 | ||||||||||
Accruals and other current liabilities | $ 73,368 | 492,385 | ¥ 608,486 | ||||||||||
Ordinary shares, par value | $ / shares | $ 0.00001 | $ 0.00100 | |||||||||||
Ordinary shares, authorized | 50,000,000,000 | 3,263,949,065 | |||||||||||
VIEs and VIEs Subsidiaries | |||||||||||||
Accounts payable | ¥ | 725 | ¥ 439 | |||||||||||
Salaries and welfare payable | ¥ | 939 | 4,591 | |||||||||||
Advances from customers | ¥ | 28 | 26 | |||||||||||
Taxes payable | ¥ | 1,367 | 1,613 | |||||||||||
Amounts due to related parties | ¥ | 1,085 | 0 | |||||||||||
Accruals and other current liabilities | ¥ | ¥ 325,473 | ¥ 520,355 | |||||||||||
Convertible Redeemable Class B Ordinary Shares | |||||||||||||
Convertible redeemable shares, par value | $ / shares | $ 0.00001 | ||||||||||||
Convertible redeemable shares, shares authorized | 90,491,694 | ||||||||||||
Convertible redeemable shares, shares issued | 90,491,694 | ||||||||||||
Convertible redeemable shares, shares outstanding | 90,491,694 | ||||||||||||
Convertible Redeemable Series A Preferred Shares | |||||||||||||
Convertible redeemable shares, par value | $ / shares | 0.00001 | $ 0.00001 | |||||||||||
Convertible redeemable shares, shares authorized | 825,308,112 | ||||||||||||
Convertible redeemable shares, shares issued | 825,308,112 | 166,666,700 | |||||||||||
Convertible redeemable shares, shares outstanding | 825,308,112 | ||||||||||||
Convertible Redeemable Series B Preferred Shares | |||||||||||||
Convertible redeemable shares, par value | $ / shares | 0.00001 | $ 0.00001 | |||||||||||
Convertible redeemable shares, shares authorized | 484,741,676 | ||||||||||||
Convertible redeemable shares, shares issued | 484,741,676 | 148,000,000 | |||||||||||
Convertible redeemable shares, shares outstanding | 484,741,676 | ||||||||||||
Convertible Redeemable Series C Preferred Shares | |||||||||||||
Convertible redeemable shares, par value | $ / shares | 0.00001 | $ 0.00001 | $ 0.00001 | ||||||||||
Convertible redeemable shares, shares authorized | 426,001,147 | ||||||||||||
Convertible redeemable shares, shares issued | 357,292,862 | 81,508,317 | 208,661,292 | ||||||||||
Convertible redeemable shares, shares outstanding | 357,292,862 | ||||||||||||
Class A Ordinary Shares | |||||||||||||
Ordinary shares, par value | $ / shares | $ 0.00001 | $ 0.00001 | 0.00001 | ||||||||||
Ordinary shares, authorized | 49,000,000,000 | 49,000,000,000 | 49,000,000,000 | 49,000,000,000 | |||||||||
Ordinary shares, shares issued | 2,371,289,450 | 2,371,289,450 | 335,534,850 | ||||||||||
Ordinary shares, shares outstanding | 2,371,289,450 | 2,371,289,450 | 335,534,850 | 335,534,850 | 340,583,121 | ||||||||
Class B Ordinary Shares | |||||||||||||
Ordinary shares, par value | $ / shares | $ 0.00001 | $ 0.00001 | |||||||||||
Ordinary shares, authorized | 500,000,000 | 500,000,000 | 500,000,000 | ||||||||||
Ordinary shares, shares issued | 303,234,004 | 303,234,004 | 90,491,694 | ||||||||||
Ordinary shares, shares outstanding | 303,234,004 | 303,234,004 | 90,491,694 | ||||||||||
Class C Ordinary Shares | |||||||||||||
Ordinary shares, par value | $ / shares | $ 0.00001 | ||||||||||||
Ordinary shares, shares issued | 215,243,513 | ||||||||||||
Ordinary shares, shares outstanding | 215,243,513 | 215,243,513 | 215,243,513 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2019USD ($)$ / sharesshares | Mar. 31, 2019CNY (¥)¥ / sharesshares | Mar. 31, 2018CNY (¥)¥ / sharesshares | Mar. 31, 2017CNY (¥)¥ / sharesshares | |
Revenues | ||||
Revenues | $ 160,072 | ¥ 1,074,278 | ¥ 973,207 | ¥ 1,109,877 |
Cost of revenues (exclusive of amortization of intangible assets shown separately below, including transactions with related parties of RMB28,614, RMB51,814 and RMB69.333 respectively, for 2017, 2018 and 2019) | (46,756) | (313,788) | (317,725) | (377,765) |
Sales and marketing expenses | (110,820) | (743,732) | (747,928) | (692,742) |
Research and development expenses | (35,232) | (236,446) | (289,274) | (418,496) |
General and administrative expenses | (25,089) | (168,379) | (100,105) | (123,404) |
Amortization of intangible assets | (29,037) | (194,874) | (384,555) | (440,772) |
Impairment of goodwill and intangible assets | (110,610) | |||
Other (expense)/income, net | 1,305 | 8,761 | 18,961 | (17,429) |
Loss from operations | (85,557) | (574,180) | (847,419) | (1,071,341) |
Interest income | 5,021 | 33,700 | 33,464 | 24,514 |
Investment gain | 9,393 | 158,627 | ||
Gain from investment disposal | 4,654 | 31,236 | ||
Gains on deconsolidation of a subsidiary | 13,592 | |||
Loss before income tax and share of results of equity investee | (75,882) | (509,244) | (641,736) | (1,046,827) |
Income tax benefits | 2,565 | 17,217 | 88,665 | 107,687 |
Share of results of equity investee | 857 | 5,752 | (4,982) | |
Net loss | (72,460) | (486,275) | (558,053) | (939,140) |
Net (loss)/income attributable to non-controlling interests | 116 | (3) | ||
Net loss attributable to MOGU Inc. | (72,460) | (486,275) | (558,169) | (939,137) |
Accretion on convertible redeemable preferred shares to redemption value | (75,978) | (509,904) | (688,240) | (601,902) |
Deemed dividends to preferred shareholders | (13,273) | (89,076) | ||
Net loss attributable to MOGU Inc.'s ordinary shareholders | (161,711) | (1,085,255) | (1,246,409) | (1,541,039) |
Net loss | (72,460) | (486,275) | (558,053) | (939,140) |
Other comprehensive income/(loss): | ||||
Foreign currency translation adjustments, net of nil tax | 8,261 | 55,440 | (81,141) | 96,010 |
Share of other comprehensive (loss)/income of equity method investee | 140 | 938 | (2,124) | |
Unrealized securities holding gains, net of tax | 3,735 | 25,067 | 10,866 | 1,000 |
Total comprehensive loss | (60,324) | (404,830) | (630,452) | (842,130) |
Total comprehensive (loss)/income attributable to non-controlling interests | 116 | (3) | ||
Total comprehensive loss | (60,324) | (404,830) | (630,568) | (842,127) |
Net loss attributable to MOGU Inc.'s ordinary shareholders | $ (161,711) | ¥ (1,085,255) | ¥ (1,246,409) | ¥ (1,541,039) |
Net loss per share attributable to ordinary shareholders | ||||
Basic | (per share) | $ (0.13) | ¥ (0.87) | ¥ (2.26) | ¥ (2.77) |
Diluted | (per share) | $ (0.13) | ¥ (0.87) | ¥ (2.26) | ¥ (2.77) |
Weighted average number of shares used in computing net loss per share | ||||
Basic | shares | 1,247,998,533 | 1,247,998,533 | 550,793,455 | 555,729,818 |
Diluted | shares | 1,247,998,533 | 1,247,998,533 | 550,793,455 | 555,729,818 |
Cost of Revenues | ||||
Share-based compensation expenses included in: | ||||
Share-based compensation expenses | $ (2,074) | ¥ (13,916) | ¥ (4,619) | ¥ (5,342) |
General and Administrative Expenses | ||||
Share-based compensation expenses included in: | ||||
Share-based compensation expenses | (9,601) | (64,433) | (3,751) | (4,988) |
Sales and Marketing Expenses | ||||
Share-based compensation expenses included in: | ||||
Share-based compensation expenses | (1,424) | (9,558) | (2,450) | (2,607) |
Research and Development Expenses | ||||
Share-based compensation expenses included in: | ||||
Share-based compensation expenses | (2,259) | (15,161) | (6,016) | (7,801) |
Commission Revenues | ||||
Revenues | ||||
Revenues | 75,654 | 507,728 | 416,335 | 325,335 |
Marketing Services Revenues | ||||
Revenues | ||||
Revenues | 58,968 | 395,747 | 476,608 | 740,273 |
Other Revenues | ||||
Revenues | ||||
Revenues | $ 25,450 | ¥ 170,803 | ¥ 80,264 | ¥ 44,269 |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Parenthetical) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019CNY (¥) | Mar. 31, 2018CNY (¥) | Mar. 31, 2017CNY (¥) | |
Income Statement [Abstract] | |||
Cost of revenue, related party | ¥ 69,333 | ¥ 51,814 | ¥ 28,614 |
Foreign currency translation adjustments, tax | ¥ 0 | ¥ 0 | ¥ 0 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT ¥ in Thousands, $ in Thousands | USD ($)shares | CNY (¥)shares | Class A Ordinary SharesCNY (¥)shares | Class B Ordinary SharesCNY (¥)shares | Class C Ordinary SharesCNY (¥)shares | Additional Paid-in CapitalCNY (¥) | Statutory ReservesCNY (¥) | Accumulated DeficitCNY (¥) | Accumulated Other Comprehensive (Loss)/IncomeCNY (¥) | ParentCNY (¥) | Noncontrolling InterestCNY (¥) |
Beginning Balance at Mar. 31, 2016 | ¥ (1,777,453) | ¥ 21 | ¥ 10 | ¥ 146,883 | ¥ 139 | ¥ (1,896,245) | ¥ (28,261) | ¥ (1,777,453) | |||
Beginning Balance, shares at Mar. 31, 2016 | shares | 340,583,121 | 215,243,513 | |||||||||
Net loss | (939,140) | (939,137) | (939,137) | ¥ (3) | |||||||
Share-based compensation | 20,738 | 20,738 | 20,738 | ||||||||
Accretion of convertible redeemable preferred shares to redemption value | (601,902) | (167,621) | (434,281) | (601,902) | |||||||
Cancellation of ordinary shares | 0 | ¥ 0 | ¥ 0 | ¥ 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Cancellation of ordinary shares, shares | shares | (5,048,271) | ||||||||||
Foreign currency translation adjustment | 96,010 | 96,010 | 96,010 | ||||||||
Unrealized securities holding gains, net of tax | 1,000 | 1,000 | 1,000 | ||||||||
Appropriations to statutory reserves | 773 | (773) | |||||||||
Ending Balance at Mar. 31, 2017 | (3,200,747) | ¥ 21 | ¥ 10 | 912 | (3,270,436) | 68,749 | (3,200,744) | (3) | |||
Ending Balance, shares at Mar. 31, 2017 | shares | 335,534,850 | 215,243,513 | |||||||||
Net loss | (558,053) | (558,169) | (558,169) | 116 | |||||||
Share-based compensation | 16,836 | 16,836 | 16,836 | ||||||||
Accretion of convertible redeemable preferred shares to redemption value | (688,240) | (16,895) | (671,345) | (688,240) | |||||||
Foreign currency translation adjustment | (81,141) | (81,141) | (81,141) | ||||||||
Cumulative other comprehensive loss in equity interest in JM Weshop | (2,124) | (2,124) | (2,124) | ||||||||
Unrealized securities holding gains, net of tax | 10,866 | 10,866 | 10,866 | ||||||||
Appropriations to statutory reserves | 1,067 | (1,067) | |||||||||
Deconsolidation of subsidiary | (113) | ¥ (113) | |||||||||
Others | 59 | 59 | 59 | ||||||||
Ending Balance at Mar. 31, 2018 | (4,502,657) | ¥ 21 | ¥ 10 | 1,979 | (4,501,017) | (3,650) | (4,502,657) | ||||
Ending Balance, shares at Mar. 31, 2018 | shares | 335,534,850 | 90,491,694 | 215,243,513 | ||||||||
Net loss | $ (72,460) | (486,275) | (486,275) | (486,275) | |||||||
Share-based compensation | 103,068 | 103,068 | 103,068 | ||||||||
Accretion of convertible redeemable preferred shares to redemption value | (75,978) | (509,904) | (161,253) | (348,651) | (509,904) | ||||||
Foreign currency translation adjustment | 8,261 | 55,440 | 55,440 | 55,440 | |||||||
Cumulative other comprehensive loss in equity interest in JM Weshop | 140 | 938 | 938 | 938 | |||||||
Unrealized securities holding gains, net of tax | $ 3,735 | 25,067 | 25,067 | 25,067 | |||||||
Appropriations to statutory reserves | 496 | (496) | |||||||||
Conversion and redesignation of mezzanine equity | 8,964,528 | ¥ 132 | 8,964,396 | 8,964,528 | |||||||
Conversion and redesignation of mezzanine equity, shares | shares | 1,914,881,850 | ||||||||||
Issuance of ordinary shares, net of issuance cost | 389,364 | ¥ 8 | 389,356 | 389,364 | |||||||
Issuance of ordinary shares, net of issuance cost, shares | shares | 120,872,750 | ||||||||||
Deemed dividend to holders of mezzanine equity | 89,076 | (89,076) | |||||||||
Issuance of ordinary shares pursuant to share incentive plan | ¥ 5,533 | ¥ 6 | 5,527 | 5,533 | |||||||
Issuance of ordinary shares pursuant to share incentive plan, shares | shares | 87,990,491 | 87,990,491 | 87,990,491 | ||||||||
Redesignation of Class C ordinary shares | ¥ 16 | ¥ (16) | |||||||||
Redesignation of Class C ordinary shares, shares | shares | 303,234,004 | (303,234,004) | |||||||||
Others | ¥ 2,567 | 2,567 | 2,567 | ||||||||
Ending Balance at Mar. 31, 2019 | $ 603,121 | ¥ 4,047,669 | ¥ 161 | ¥ 16 | ¥ 9,392,737 | ¥ 2,475 | ¥ (5,425,515) | ¥ 77,795 | ¥ 4,047,669 | ||
Ending Balance, shares at Mar. 31, 2019 | shares | 2,371,289,450 | 303,234,004 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2019USD ($) | Mar. 31, 2019CNY (¥) | Mar. 31, 2018CNY (¥) | Mar. 31, 2017CNY (¥) | |
Cash flows from operating activities: | ||||
Net loss | $ (72,460) | ¥ (486,275) | ¥ (558,053) | ¥ (939,140) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation and amortization | 30,752 | 206,385 | 446,398 | 536,448 |
Allowance for doubtful accounts | 508 | 3,411 | 1,024 | 109 |
Losses/(Gains) on disposal of property and equipment | (115) | (772) | (11,045) | 1,905 |
Impairment of goodwill and intangible assets | 110,610 | |||
Share-based compensation expenses | 15,358 | 103,068 | 16,836 | 20,738 |
Deferred income tax benefit | (3,467) | (23,268) | (91,319) | (109,039) |
Gains on deconsolidation of a subsidiary | (13,592) | |||
Investment gain | (4,654) | (31,236) | (158,627) | |
Share of result of equity investee | (857) | (5,752) | 4,982 | |
Changes in operating assets and liabilities: | ||||
Prepayments and other current assets | 4,258 | 28,573 | 457,974 | (418,322) |
Loan receivables - service fee | (128) | (862) | (978) | (1,052) |
Inventories | (735) | (4,931) | 3,988 | (2,773) |
Amounts due from related parties | 893 | 5,994 | (6,759) | (420) |
Other non-current assets | 2,795 | 18,755 | (234) | 3,979 |
Accounts payable | 852 | 5,718 | 5,885 | (4,128) |
Salary and welfare payable | 217 | 1,459 | (15,764) | 11,874 |
Taxes payable | (399) | (2,679) | 4,179 | 131 |
Advances from customers | 170 | 1,140 | (199) | (308) |
Amounts due to related parties | (1,447) | (9,710) | 16,446 | 1,467 |
Accruals and other current liabilities | (20,088) | (134,826) | (416,004) | (44,576) |
Net cash used in operating activities | (48,547) | (325,808) | (314,862) | (832,497) |
Cash flows from investing activities: | ||||
Purchase of property, equipment and software | (1,289) | (8,648) | (5,169) | (23,660) |
Purchase of intangible assets | (1,660) | (11,138) | (420) | (2,965) |
Disposal of property and equipment | 395 | 2,652 | 37,339 | 1,590 |
Dispose of Long-term investment | 5,290 | 35,501 | ||
Purchase of short term investments | (157,200) | (1,055,000) | (2,044,621) | (1,276,434) |
Maturity of short term investments | 144,982 | 973,000 | 2,315,204 | 890,851 |
Cash paid for loan originations | (282,463) | (1,895,669) | (2,159,785) | (1,999,600) |
Cash received from loan repayments | 279,602 | 1,876,466 | 2,204,651 | 1,937,806 |
Cash paid for acquisition of subsidiaries | (69,225) | |||
Net cash outflow arising from deconsolidation of a subsidiary (Note 10) | (6,738) | |||
Net cash (used in)/provided by investing activities | (12,343) | (82,836) | 340,461 | (541,637) |
Cash flows from financing activities: | ||||
Proceeds from issuance of convertible redeemable Series C-3 preferred shares, net of issuance costs | 192,142 | |||
Proceeds from issuance of ordinary shares, net of issuance costs | 58,016 | 389,356 | ||
Proceeds from deemed exercise of share options | 3,217 | 21,587 | 7,136 | 2,822 |
Cash paid for loan to shareholder | (195) | (1,307) | ||
Cash received for loan repayments due from a shareholder | 929 | 6,236 | ||
Cash paid for borrowing from shareholder | (149) | (1,000) | ||
Net cash provided by financing activities | 61,818 | 414,872 | 7,136 | 194,964 |
Effect of foreign exchange rate changes on cash and cash equivalents and restricted cash | 6,868 | 46,091 | (78,833) | 96,010 |
Net (decrease)/increase in cash and cash equivalents and restricted cash | 7,796 | 52,319 | (46,098) | (1,083,160) |
Cash and cash equivalents and restricted cash at beginning of year | 182,590 | 1,225,397 | 1,271,495 | 2,354,655 |
Cash and cash equivalents and restricted cash at end of year | 190,386 | 1,277,716 | 1,225,397 | 1,271,495 |
Supplemental disclosures of cash flow information: | ||||
Cash paid for income taxes | (375) | (2,519) | (1,781) | (2,225) |
Supplemental disclosures of non-cash flow investing and financing activities: | ||||
Accretion on convertible redeemable preferred shares to redemption value | 75,978 | 509,904 | 688,240 | ¥ 601,902 |
Payable for deconsolidation of a subsidiary | ¥ 1,190 | |||
Deemed dividend to holders of mezzanine equity | $ 13,273 | ¥ 89,076 |
Organization and Principal Acti
Organization and Principal Activities | 12 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Principal Activities | 1 ORGANIZATION AND PRINCIPAL ACTIVITIES (a) Principle activities MOGU Inc. (formerly known as Meili Inc.) (the “Company”) was incorporated as an exempted company registered under the Companies Law of the Cayman Islands on June 9, 2011 with limited liability. In June 2011, Meili Group Limited, formerly known as MOGU (HK) Limited, was established by the Company in Hong Kong. In November 2011, Meili Group Limited established a wholly-owned PRC subsidiary, Hangzhou Shiqu Information and Technology Co., Ltd. (“Hangzhou Shiqu”). In the same month, the Company obtained control over Hangzhou Juangua Network Co., Ltd. (“Hangzhou Juangua”) through Hangzhou Shiqu by entering into a series of contractual agreements with Hangzhou Juangua and its shareholders. The Company obtained effective control of Aimei Tech Holdings Limited (“Aimei”) and Meiliworks Limited (“Meiliworks”) through a series of transactions in January and February 2016, respectively. The Company, through its subsidiaries, consolidated variable interest entities (“VIEs”) and VIE’s subsidiaries (collectively, the “Group”), operates online platform that primarily offers to its users a wide selection of fashion apparel and other products provided by third party merchants in the People’s Republic of China (“PRC”) through mobile apps, including flagship Mogujie app, mini-programs on Weixin, Weixin pay and QQ Wallet entryways, and Mogujie.com Meilishuo.com The Group’s consolidated financial statements include the financial statements of the Company, its subsidiaries, consolidated VIEs and VIE’s subsidiaries. As of March 31, 2019, the Company’s major subsidiaries, consolidated VIEs and VIE’s subsidiaries are as follows: Equity interest held Place and date of incorporation Subsidiaries: Meili Group Limited 100 % Hong Kong, China Hangzhou Shiqu 100 % Hangzhou, China Meilishuo (Beijing) Network Technology Co., Ltd. 100 % Beijing, China Place and date of incorporation Consolidated VIEs: Hangzhou Juangua Hangzhou, China Beijing Meilishikong Network and Technology Co., Ltd. (Note 3(a)) Beijing, China (b) Consolidated variable interest entities In order to comply with PRC regulatory requirements restricting foreign ownership of internet information services under value-added telecommunications services and certain other businesses in China, the Group operates online platforms that provide internet information services and engages in other foreign-ownership-restricted businesses through certain PRC domestic companies, whose equity interests are held by certain management members of the Group (“Nominee Shareholders”). The Group obtained control over these PRC domestic companies by entering into a series of contractual agreements with these PRC domestic companies and their respective Nominee Shareholders (“Contractual Agreements”). These Contractual Agreements cannot be terminated by the Nominee Shareholders or the PRC domestic companies. As a result, the Group maintains the ability to control these PRC domestic companies and is entitled to substantially all of the economic benefits from these PRC domestic companies and is obligated to absorb expected losses of these PRC domestic companies. Management concluded that these PRC domestic companies are consolidated VIEs of the Group, of which the Company is the ultimate primary beneficiary. As such, the Group consolidated the financial results of these PRC domestic companies and their subsidiaries. Refer to Note 2(b) to the consolidated financial statements for the principles of consolidation. The principal terms of the agreements entered into amongst the consolidated VIEs, their respective shareholders and the Group’s subsidiaries are further described below. Loan Agreements Pursuant to the relevant loan agreements, the Group relevant PRC subsidiaries made loans to the Nominee Shareholders for the sole purpose of making capital contributions to the consolidated VIEs. The Nominee Shareholders can only repay the loans by the sale of all their equity interests in the consolidated VIEs to the Group’s relevant PRC subsidiaries or their designated person pursuant to the exclusive option agreements, and, to the extent permitted under PRC law, pay all of the proceeds from sale of such equity interests to the Group’s relevant PRC subsidiaries. In the event that the Nominee Shareholders sells their equity interests in the consolidated VIEs to the Group’s relevant PRC subsidiaries or their designated person at a price equal to or less than the principal amount of the loans, the loans will be interest free. If the price is higher than the principal amount of the loans, the excess amount will be deemed as interest on the loans paid to the Group’s relevant PRC subsidiaries. The term of the loans agreements are 20 years from the date of the loan agreements, which may be extended upon mutual agreement. On July 18, 2018, Hangzhou Shiqu and each of Mr. Qi Chen, Mr. Yibo Wei and Mr. Xuqiang Yue, each a shareholder of Hangzhou Juangua, entered into an amended and restated loan agreement in the principal amount of RMB5,867, RMB2,362 and RMB1,771, respectively, which contained terms substantially similar to the loan agreements described above. Exclusive Consultation and Service Agreements Pursuant to the exclusive consultation and service agreements, the Group’s relevant PRC subsidiaries has the exclusive right to provide the consolidated VIEs with technical and consulting services. Without the Group’s relevant PRC subsidiaries’ prior written consent, the consolidated VIEs may not accept any services subject to these agreements from any third party. The consolidated VIEs agree to pay the Group’s relevant PRC subsidiaries a quarterly service fee at an amount that is equal to the consolidated VIEs’ revenue for the relevant quarter after deducting any applicable taxes, cost of revenues and retained earnings (which should be zero unless the Group’s relevant PRC subsidiaries otherwise agrees in writing) or an amount adjusted at the Group’s relevant PRC subsidiaries’ sole discretion for the relevant quarter, which should be paid within 10 business days after the consolidated VIEs confirms in writing the amount and breakdown of the service fee for the relevant quarter. The Group’s relevant PRC subsidiaries have the exclusive ownership of all the intellectual property rights created as a result of the performance of the agreements. To guarantee the consolidated VIEs’ performance of their obligations under the agreements, the Nominee Shareholders of the consolidated VIEs have pledged their entire equity interests in the consolidated VIEs to the Group’s relevant PRC subsidiaries pursuant to the equity interest pledge agreements. The agreements have a term of 10 years, which will be automatically renewed upon expiration, unless they are otherwise terminated in accordance with the provisions of the agreements. Exclusive Purchase Option Agreements Pursuant to the exclusive option agreements, each of the Nominee Shareholders of the consolidated VIEs has irrevocably granted the Group’s relevant PRC subsidiaries exclusive option to purchase all or part of their equity interests in the consolidated VIEs. The Group’s relevant PRC subsidiaries or their designated person may exercise such option at the lowest price permitted under applicable PRC law. The Nominee Shareholders of the consolidated VIEs covenant that, without the Group’s relevant PRC subsidiaries’ prior written consent, they will not, among other things, (i) create any pledge or encumbrance on their equity interests in the consolidated VIEs; (ii) transfer or otherwise dispose of their equity interests in the consolidated VIEs; (iii) change the consolidated VIEs’ registered capital; (iv) amend the consolidated VIEs’ articles of association in any material respect; (v) dispose of or cause the consolidated VIEs’ management to dispose of the consolidated VIEs’ material assets (except in the ordinary course of business); (vi) cause the consolidated VIEs to enter into transactions that are likely to have a material impact on its assets, liabilities, operations, shareholding structure or equity ownership in other entities; (vii) change the consolidated VIEs’ directors and supervisors; (viii) declare or distribute dividends; (ix) terminate, liquidate or dissolve the consolidated VIEs; or (x) allow the consolidated VIEs to extend or borrow loans, provide any form of guarantee, or assume any material obligations except in the ordinary course of business. In addition, the consolidated VIEs covenant that, without the Group’s relevant PRC subsidiaries’ prior written consents, they will not, among other things, create or assist or allow their Nominee Shareholders to create, any pledge or encumbrance on their assets and equity interests, or transfer or otherwise dispose of their assets (except in the ordinary course of business). The exclusive option agreements will remain effective until the entire equity interests in the consolidated VIEs have been transferred to the Group’s relevant PRC subsidiaries or their designated person. Shareholder Voting Proxy Agreements and Powers of Attorney Pursuant to the shareholder voting proxy agreements, each of the Nominee Shareholders of the consolidated VIEs has executed a power of attorney, to irrevocably authorize an individual, as designated by the Group’s relevant PRC subsidiaries, to act as his attorney-in-fact Equity Interest Pledge Agreements Pursuant to the equity interest pledge agreements, the Nominee Shareholders of the consolidated VIEs have pledged 100% equity interests in the consolidated VIEs to the Group’s relevant PRC subsidiaries to guarantee performance by the Nominee Shareholders of their obligations under the exclusive option agreements, the shareholder voting proxy agreement, as well as the performance by the consolidated VIEs of their obligations under the exclusive option agreements and the exclusive consultation and service agreements. All of the equity interest pledge agreements shall remain valid until the full performance of such guaranteed contractual obligations. In the event of a breach by the consolidated VIEs or any of their Nominee Shareholders of contractual obligations under the exclusive option agreements, the shareholder voting proxy agreements, the exclusive consultation and service agreements and the equity interest pledge agreements, as the case may be, the Group’s relevant PRC subsidiaries, as pledgee, will have the right to dispose of the pledged equity interests in the consolidated VIEs and will have priority in receiving the proceeds from such disposal. The Nominee Shareholders of the consolidated VIEs also covenant that, without the prior written consent of the Group’s relevant PRC subsidiaries, they will not dispose of, create or allow any encumbrance on the pledged equity interests. The consolidated VIEs covenant that, without the prior written consent of the Group’s relevant PRC subsidiaries, it will not assist or allow any encumbrance to be created on the pledged equity interests. (c) Risks in relation to the VIE structure The following table sets forth the assets, liabilities, results of operations and changes in cash and cash equivalents of the consolidated VIEs and their subsidiaries taken as a whole, which were included in the Group’s consolidated financial statements with intercompany transactions eliminated: As of March 31, 2018 2019 RMB RMB Cash and cash equivalents 394,734 191,145 Restricted cash 1,004 1,006 Short-term investments 50,000 70,000 Inventories, net 110 70 Loan receivables, net 104,247 120,901 Prepayments and other current assets 103,780 84,414 Amounts due from non-VIE 497,119 303,329 Amounts due from related parties — 397 Property, equipment and software, net 3,759 2,028 Intangible assets, net 3,344 2,986 Goodwill 928 928 Investments 15,847 14,259 Total assets 1,174,872 791,463 As of March 31, 2018 2019 RMB RMB Amounts due to non-VIE 1,386,202 1,161,070 Accounts payable 439 725 Salaries and welfare payable 4,591 939 Advances from customers 26 28 Taxes payable 1,613 1,367 Amounts due to related parties — 1,085 Accruals and other current liabilities 520,355 325,473 Total liabilities 1,913,226 1,490,687 Year ended March 31, 201 2018 2019 RMB RMB RMB Total revenues 978,215 407,851 150,228 Cost of revenues (129,268 ) (112,692 ) (87,562 ) Net (loss)/profit (232,088 ) (25,729 ) 5,565 The Group migrated the operations of some of the Group’s businesses from the Group’s consolidated VIEs to the Group’s wholly-owned subsidiaries in the PRC in order to minimize any risks associated with the Group’s VIE corporate structure. For this reason, the revenue contribution of the Group’s consolidated VIEs decreased significantly between the year ended March 31, 2018 and 2019. The Group plans to continue to implement this strategy to the extent permitted by PRC law and anticipates the decreasing trend in the revenue contribution of the Group’s consolidated VIEs to be indicative of future operating results. Year ended March 31, 2017 2018 2019 RMB RMB RMB Net cash used in by operating activities (36,347 ) (9,099 ) (165,708 ) Net cash (used in)/provided by investing activities (178,288 ) 94,389 (39,369 ) Net cash provided by financing activities 9,000 — 1,490 Net (decrease)/increase in cash and cash equivalents and restricted cash (205,635 ) 85,290 (203,587 ) Under the Contractual Agreements with the consolidated VIEs, the Company has the power to direct activities of the consolidated VIEs and VIEs’ subsidiaries through the Group’s relevant PRC subsidiaries, and can direct assets transferred out of the consolidated VIEs and VIEs’ subsidiaries. Therefore, the Company considers that there is no asset of the consolidated VIEs that can only be used to settle obligations of the respective consolidated VIEs. Since the consolidated VIEs and VIEs’ subsidiaries are incorporated as limited liability companies under the PRC Law, creditors of the consolidated VIEs and VIEs’ subsidiaries do not have recourse to the general credit of the Company. The Group believes that the Group’s relevant PRC subsidiaries’ Contractual Arrangements with the consolidated VIEs and the Nominee Shareholders are in compliance with PRC laws and regulations, as applicable, and are legally binding and enforceable. However, uncertainties in the PRC legal system could limit the Company’s ability to enforce these contractual arrangements. In March 2019, the PRC National People’s Congress promulgated the Foreign Investment Law, or the 2019 PRC Foreign Investment Law, which will become effective on January 1, 2020 and will replace the major existing laws and regulations governing foreign investment in the PRC. The approved Foreign Investment Law does not touch upon the relevant concepts and regulatory regimes that were historically suggested for the regulation of VIE structures, and thus this regulatory topic remains unclear under the Foreign Investment Law. As the 2019 PRC Foreign Investment Law is newly adopted and relevant government authorities may promulgate more laws, regulations or rules on the interpretation and implementation of the 2019 PRC Foreign Investment Law, the possibility can’t be ruled out that the VIE structure adopted by the Group may be deemed as a method of foreign investment by, any of such future laws, regulations and rules, which cause significant uncertainties as to whether the Group’s VIE structures would be treated as a method of foreign investment. If the Group’s VIE structure would be deemed as a method of foreign investment under any of such future laws, regulations and rules, and any of the Group’s businesses operation would fall in the “negative list” for foreign investment that is subject to any foreign investment restrictions or prohibitions, the Group would be required to take further actions to comply with such laws, regulations and rules, which may materially and adversely affect the Group’s current corporate structure, corporate governance, business, financial conditions and results of operations. In addition, if the current structure or any of the contractual arrangements were found to be in violation of any existing or future PRC law, the Company may be subject to penalties, which may include but not be limited to, the cancellation or revocation of the Company’s business and operating licenses, being required to restructure the Company’s operations or terminate the Company’s operating activities. The imposition of any of these or other penalties may result in a material and adverse effect on the Company’s ability to conduct its operations. In such case, the Company may not be able to operate or control the VIEs, which may result in deconsolidation of the VIEs. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of presentation and consolidation The consolidated financial statements of the Group have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”). Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below. (b) Principles of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries, the consolidated VIEs and VIEs’ subsidiaries for which the Company is the ultimate primary beneficiary. Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors. A VIE is an entity in which the Company, or its subsidiaries, through Contractual Agreements, has the power to direct activities, bears the risks of, and enjoys the rewards normally associated with, ownership of the entity, and therefore the Company or its subsidiaries are the primary beneficiary of the entity. All transactions and balances among the Company, its subsidiaries, the consolidated VIEs and VIEs’ subsidiaries have been eliminated upon consolidation. (c) Business combination and non-controlling The Company accounts for its business combinations using the acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) 805 “Business Combinations.” The cost of an acquisition is measured as the aggregate of the acquisition date fair values of the assets transferred and liabilities incurred by the Company to the sellers and equity instruments issued. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets and liabilities acquired or assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any non-controlling non-controlling In a business combination achieved in stages, the Company re-measures re-measurement When there is a change in ownership interests or a change in contractual arrangements that results in a loss of control of a subsidiary or consolidated VIE, the Company deconsolidates the subsidiary or consolidated VIE from the date control is lost. Any retained non-controlling For the Company’s majority-owned subsidiaries, consolidated VIEs and VIEs’ subsidiaries, non-controlling Non-controlling (d) Use of estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent liabilities at the balance sheet date, and the reported revenues and expenses during the reported period in the consolidated financial statements and accompanying notes. Significant accounting estimates are used for, but not limited to, refund of commission due to sales return, volume refund of commission, the valuation and recognition of share-based compensation arrangements, fair value of assets and liabilities acquired in business combinations and available-for-sale (e) Foreign currency translation The Group’s reporting currency is Renminbi (“RMB”). The functional currency of the Group’s entities incorporated in Cayman Islands and Hong Kong, China (“HK”) is the United States dollars (“US$”). The Group’s PRC subsidiaries, consolidated VIEs and VIEs’ subsidiaries determined their functional currency to be RMB. The determination of the respective functional currency is based on the criteria of ASC 830, Foreign Currency Matters. Transactions denominated in currencies other than functional currency are translated into functional currency at the exchange rates quoted by authoritative banks prevailing at the dates of the transactions. Exchange gains and losses resulting from those foreign currency transactions denominated in a currency other than the functional currency are recorded as a component of Other (expense)/income, net in the Consolidated Statements of Operations and Comprehensive Loss. Total exchange gains/(losses) were a loss of RMB7,892, a gain of RMB8,805 and a loss of RMB7,068 for the years ended March 31, 2017, 2018 and 2019, respectively. The financial statements of the Group entities that use US$ as functional currency are translated from the functional currency into RMB for preparation of consolidated financial statements of the Group. Assets and liabilities denominated in foreign currencies are translated into RMB using the applicable exchange rates at the balance sheet date. Equity accounts other than earnings generated in current period are translated into RMB at the appropriate historical rates. Revenues, expenses, gains and losses are translated into RMB using the periodic average exchange rates. The resulting foreign currency translation adjustments are recorded in accumulated other comprehensive income/(loss) as a component of shareholders’ equity. Total foreign currency translation adjustments to the Group’s other comprehensive income/(loss) were a gain of RMB96,010, a loss of RMB81,141 and a gain of RMB55,440 for the years ended March 31, 2017, 2018 and 2019, respectively. (f) Convenience translation Translations of the Consolidated Balance Sheets, the Consolidated Statements of Operations and Comprehensive Loss and the Consolidated Statements of Cash Flows from RMB into US$ as of and for the year ended March 31, 2019 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB6.7112, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on March 29, 2019. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on March 31, 2019, or at any other rate. (g) Fair value measurement Financial instruments Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities measured at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value: • Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. • Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical asset or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. • Level 3 applies to asset or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. Accounting guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. The Company’s financial instruments include cash and cash equivalents, short-term investments, loan receivables, prepayments and other current assets, amounts due from related parties, accounts payable, amounts due to related parties and accruals and other current liabilities. The carrying amounts of loan receivables, prepayments and other current assets, accounts payable and accruals and other current liabilities approximate their fair value due to their relatively short maturity. (h) Cash and cash equivalents Cash and cash equivalents consist of cash on hand, deposits held by financial institutions as well as highly liquid investments, which have original maturities of three months or less and are readily convertible to known amount of cash. (i) Restricted cash Cash that is restricted as to withdrawal or for use or pledged as security is reported separately on the Consolidated Balance Sheets. The Group’s restricted cash mainly represents deposits held in designated bank accounts as security for payment processing. The restricted cash with the collection period within one year are classified as current assets in the Consolidated Balance Sheets. Restricted cash is included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the Consolidated Statement of Cash Flows. (j) Short-term investments Short-term investments are comprised of time deposits placed with banks with original maturities longer than three months but less than one year, and investments in wealth management products issued by banks or other financial institutions, primarily with the pre-agreed fixed interest rate and with original maturities within one year. Such investments are generally not permitted to be redeemed early or are subject to penalties for redemption prior to maturity. These investments are stated at fair value. Changes in the fair value are reflected in the Consolidation Statement of Operations and Comprehensive Loss. (k) Loan receivables, net Loan receivables represent the funds extended by the Group to qualified merchants and users through its factoring arrangements. The loan periods generally range from 1 month to 12 months. The loan receivables are measured at amortized cost and net of allowance for doubtful accounts. The Group considers many factors in assessing the collectability of its loan receivable, such as the age of the amounts due, the payment history, creditworthiness and financial conditions of the borrowers, to determine the allowance percentage of the overdue balances. The Group adjusts the allowance balance periodically when there are significant differences between estimated and actual bad debts. An allowance for doubtful accounts is recorded in the period in which a loss is determined probable. If the loan receivable with allowance for doubtful accounts is subsequently collected, the previously recognized allowance for doubtful accounts is reversed. The amount of reversal is recognized in the Consolidated Statements of Operations and Comprehensive Loss. (l) Inventories, net Inventories, consisting of products available for sale, are stated at the lower of cost and net realizable value. Cost of inventory is determined using the weighted average cost method. Adjustments are recorded to write down the cost of inventory to the estimated net realizable value due to slow-moving merchandise and damaged goods, which is dependent upon factors such as historical and forecasted consumer demand, and promotional environment. The Group takes ownership, risks and rewards of the products purchased. Write downs of RMB2,040, RMB2,202 and nil are recorded in cost of revenues in the Consolidated Statements of Operations and Comprehensive Loss for the years ended March 31, 2017, 2018 and 2019, respectively. (m) Property, equipment and software, net Property, equipment and software are stated at cost less accumulated depreciation and impairment. Property, equipment and software are depreciated at rates sufficient to write off their costs less impairment and residual value, if any, over the estimated useful lives on a straight-line basis. The estimated useful lives are as follows: Electronic equipment 3 years Furniture and office equipment 5 years Computer software 3-10 years Vehicles 5 years Leasehold improvements Shorter of the expected use life or the lease term Repairs and maintenance costs are charged to expenses as incurred. Retirements, sales and disposals of assets are recorded by removing the costs, accumulated depreciation and impairment with any resulting gain or loss recognized in the Consolidated Statements of Operations and Comprehensive Loss. (n) Intangible assets, net Intangible assets purchased from third parties are initially recorded at cost. The Group performs valuation of the intangible assets arising from business combination to determine the relative fair value to be assigned to each asset acquired. The intangible assets are amortized using the straight-line approach over the estimated economic useful lives of the assets. The estimated useful lives of intangible assets are as follows: Domain name 5-20 years Trademarks 10 years Insurance agency license 20 years Buyer and customer relationship 2 years Brand 2-8 years Technology 2-3 Strategic business resources 3-5 years (o) Goodwill Goodwill represents the excess of the purchase price over the fair value of the identifiable assets and liabilities acquired in a business combination. Goodwill is not depreciated or amortized but is tested for impairment on an annual basis as of March 31, and in between annual tests when an event occurs or circumstances change that could indicate that the asset might be impaired. In accordance with the FASB guidance on “Testing of Goodwill for Impairment” a company first has the option to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the company decides, as a result of its qualitative assessment, that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is mandatory. Otherwise, no further testing is required. The quantitative impairment test consists of a comparison of the fair value of each reporting unit with its carrying amount, including goodwill. If the carrying amount of each reporting unit exceeds its fair value, an impairment loss equal to the difference between the implied fair value of the reporting unit’s goodwill and the carrying amount of goodwill will be recorded. Application of a goodwill impairment test requires significant management judgment, including the identification of reporting units, assigning assets and liabilities to reporting units, assigning goodwill to reporting units, and determining the fair value of each reporting unit. The judgment in estimating the fair value of reporting units includes estimating future cash flows, determining appropriate discount rates and making other assumptions. Changes in these estimates and assumptions could materially affect the determination of fair value for each reporting unit. (p) Investments The Group’s investments include equity method investment and available-for-sale The Group has investments in privately held companies. The Group applies the equity method of accounting to account for an equity investment, in common stock or in-substance An investment in in-substance Under the equity method, the Group’s share of the post-acquisition profits or losses of the equity investee are recorded in share of results of equity investee in the Consolidated Statements of Operations and Comprehensive Loss and its share at post-acquisition movements in accumulated other comprehensive income in relation to foreign currency translation adjustment is recognized in shareholders’ equity. The excess of the carrying amount of the investment over the underlying equity in net assets of the equity investee represents goodwill and intangible assets acquired. When the Group’s share of losses in the equity investee equals or exceeds its interest in the equity investee, the Group does not recognize further losses, unless the Group has incurred obligations or made payments or guarantees on behalf of the equity investee. For other equity investments with no readily determinable fair values and over which the Group has neither significant influence nor control through investments in common stock or in-substance Investments in debt securities, and investments in equity securities that have readily determinable fair value, are accounted for as available-for-sale Currently, the maturities for debt securities the Group held are longer than 12 months and the Company does not expect to convert securities to cash within one year. The Group continually reviews its investments to determine whether a decline in fair value to below the carrying value is other-than-temporary. The primary factors the Group considers in its determination are the duration and severity of the decline in fair value; the financial condition, operating performance and the prospects of the equity investee; and other company specific information such as recent financing rounds. If the decline in fair value is deemed to be other-than-temporary, the carrying value of the investment is written down to fair value. (q) Impairment of long-lived assets Long-lived assets are evaluated for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be fully recoverable or that the useful life is shorter than the Group had originally estimated. When these events occur, the Group evaluates the impairment for the long-lived assets by comparing the carrying value of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets, the Group recognizes an impairment loss based on the excess of the carrying value of the assets over the fair value of the assets. (r) Revenue recognition The Group adopted ASC Topic 606, “Revenue from Contracts with Customers” for all periods presented. Consistent with the criteria of Topic 606, the Group recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to receive in exchange for those goods or services. To achieve that core principle, the Group applies five steps defined under Topic 606. The Group assesses its revenue arrangements against specific criteria in order to determine if it is acting as principal or agent. Revenue arrangements with multiple performance obligations are divided into separate units of accounting. The Group allocates the transaction price to each performance obligation based on the relative standalone selling price of the goods or services provided. Revenue is recognized upon transfer of control of promised goods or services to a customer. Revenue is recorded net of value-added-tax. Revenue recognition policies for each type of revenue stream are analyzed as follows: Commission revenues The Group operates its online platform as a marketplace for merchants to sell their merchandise to the users and also provides integrated platform-wide services. When the transactions are completed on the Group’s platform, the Group charges merchants commissions at their respective agreed percentage of the amount of merchandise sold by merchants. The Group identifies that the services to enable the successful transaction of the merchandise on the Group’s marketplace and the integrated services to promote the merchandise are separate performance obligations. The Group applies the practical expedient that allocates the commission revenues for the integrated services to the respective day on which the Group has the right to invoice. The Group does not control the underlying merchandise provided by merchants before they are transferred to users, as the Group is not responsible for fulfilling the promise to provide the merchandise to users and has no inventory risk before the merchandise are transferred to the users or after the control is transferred to the users. In addition, the Group has no discretion in establishing prices of the merchandise provided by merchants. Revenues are recognized on a net basis to the extent of the commission the Group earns at the point of users’ acceptance of merchandise. Commission fees are refundable if and when users return the merchandise to merchants and the refund is recognized as variable consideration. The Group determines the amount of consideration to which the Group expects to be entitled subject to constraint that it is probable that a significant reversal in the cumulative amount of revenue recognized will not occur when the uncertainty is resolved. The Group recognizes the amounts received for which the Group does not expect to be entitled as a refund liability when it transfers service to merchants. At the end of each reporting period, the Group updates its assessment of amounts for which it expects to be entitled in exchange for the transferred services and makes a corresponding change to the amount of commission revenue recognized. The Group also offers volume refund to the merchants based on the accumulative sales amount they generate in the Group’s marketplace during a certain period. Within a certain period, should the total sales amount generated by a merchant reaches a pre-agreed Marketing services revenues The Group provides marketing services to merchants and brand partners that help them promote their products in designated areas on the Group’s platform directly or via social network platforms over particular periods of time that will then divert users back to the Group’s platform. Such service revenues are charged at fixed prices or at prices established through the Group’s online auction system. In general, merchants and brand partners need to prepay for the marketing services. Revenue is recognized ratably over the period during which the content is displayed, or when the content or offerings are clicked or viewed, or when an underlying sales transaction is completed by a merchant. Other revenues Other revenues are mainly comprised of the revenues from financing solutions, online direct sales and other services. Financing solutions include loans to users and merchants through factoring arrangements. The Group extends loans to users by purchasing merchants’ receivables from respective users without recourse and charges a service fee to users based on the principal and repayment terms. The Group also extends loans to merchants by purchasing their accounts receivables from users with recourse and charges a service fee to merchants based on the principal. The Group records loan receivables when the cash is advanced to the users or merchants. The service fees are recognized over the term of loans. Financing solutions also include the services to facilitate the financial institutions to provide loans to merchants and users through the Group’s online platform and services to manage repayments. The service fees are charged to the borrowers based on agreed rates of the principal and are allocated between facilitation service and repayment management service in the same transaction based on the relative standalone selling price of each. Revenue is recognized when the fund is drawn down by the borrowers for the facilitation service or over the financing period on a straight-line basis for the repayment management service. The Group also sells certain merchandise products through online direct sales. The Group recognizes the product revenues from the online direct sales on a gross basis as the Group is primarily obligated in these transactions, is subject to inventory risk, has latitude in establishing prices and selecting suppliers, or has met several but not all of these indicators. The Group recognizes online direct sales revenue net of discounts and return allowance when the merchandise products are delivered and control passes to users. Return allowances, which reduce net revenues, are estimated based on historical experiences. Other services primarily comprise (i) technology development, support and consulting services to related parties and third parties, (ii) service fees received from insurance companies, and (iii) logistic services to merchants. Revenue is recognized when the services are rendered. Remaining performance obligations Revenue allocated to remaining performance obligations represents that portion of the overall transaction price that has been received (or for which the Group has an unconditional right to payment) allocated to performance obligations that the Group has not yet fulfilled, which is presented as deferred revenue that has not yet been recognized. As of March 31, 2019, the aggregate amount of the transaction price allocated to remaining performance obligations was nil as the Group has settled all volume refund to the merchants as of March 31, 2019. (s) User incentives In order to promote its online platform and attract more registered users, from time to time, the Group at its own discretion issues vouchers in various forms to users without any concurrent transactions in place or any substantive action needed from the recipient. These vouchers can be used in purchase of goods in a broad range of merchants as an immediate discount of their next purchase, some of which can only be used when the purchase amount exceeds pre-defined (t) Cost of revenue Cost of revenue comprises primarily of payroll costs including share-based compensation expenses, information technology related expenses, payment handling costs, depreciation expenses, rental expenses, warehousing and logistic expenses and other costs. (u) Sales and marketing expenses Sales and marketing expenses comprise primarily of promotion expenses, payroll costs including share-based compensation expenses, depreciation expenses and other daily expenses which are related to the sales and marketing departments. (v) Research and development expenses Research and development expenses are expensed as incurred and primarily consist of staff costs including share-based compensation expenses, rental expenses and other expenses. The Company expenses all costs that are incurred in connection with the planning and implementation phases of development and costs that are associated with repair or maintenance of the existing websites and mobile applications or the development of software, mobile application and website content. (w) General and administrative expenses General and administrative expenses consist of staff costs including share-based compensation expenses and related expenses for employees involved in general corporate functions, including accounting, finance, tax, legal and human relations; and costs associated with use by these functions of facilities and equipment, such as depreciation expenses, rental and other general corporate related expenses. (x) Government grants Government grants represent cash subsidies received from PRC government. Cash subsidies which have no defined rules and regulations to govern the criteria necessary for companies to enjoy the benefits are recognized as other income when received. Total government grants received were RMB9,236, RMB2,646 and RMB13,430 for the years ended March 31, 2017, 2018 and 2019, respectively. (y) Operating leases Leases where substantially all the rewards and risks of ownership of assets remain with the lessor are accounted for as operating leases. The Group leases office space under operating lease agreements with initial lease term up to three years. Rental expense is recognized from the date of initial possession of the leased property on a straight-line basis over the term of the lease. Certain lease agreements contain rent holidays, which are recognized on a straight-line basis over the lease term. Lease renewal periods are considered on a lease-by-lease The Group has no capital leases during the periods presented. (z) Share-based compensation The Company grants restricted share units (“RSUs”) and share options of the Company to eligible employees, non-employee 505-50 Non-Employees. Employees’ share-based awards are measured at the grant date fair value of the awards and recognized as expenses a) immediately at grant date if no vesting conditions are required; or b) using the straight-line method, net of actual forfeitures, over the requisite service period, which is the vesting period. All transactions in which goods or services are received in exchange for equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. Non-employees’ non-employees re-measured Before IPO, the fair value of the RSUs was assessed using the income approach/discounted cash flow method, with a discount for lack of marketability given that the shares underlying the awards were not publicly traded at the time of grant. This assessment required complex and subjective judgments regarding the Company’s projected financial and operating results, its unique business risks, the liquidity of its ordinary shares and its operating history and prospects at the time the grants were made. After IPO, the fair value of the RSUs is determined based on the quoted market price of ordinary shares on the grant date. In addition, the binomial option-pricing model is used to measure the value of share options. The determination of the fair value of share options is affected by the fair value of the ordinary shares as well as assumptions regarding a number of complex and subjective variables, including the expected share price volatility, actual and projected employee and nonemployee share option exercise behavior, risk-free interest rates and expected dividend yield. Binomial option-pricing model incorporates the assumptions about grantees’ future exercise patterns. The fair value of these awards was determined with the assistance from an independent valuation firm using management’s estimates and assumptions. The assumptions used in share-based compensation expense recognition represent management’s best estimates, but these estimates involve inherent uncertainties and application of management judgment. If factors change or different assumptions are used, the share-based compensation expenses could be materially different for any period. Moreover, the estimates of fair value of the awards are not intended to predict actual future events or the value that ultimately will be realized by grantees who receive share-based awards, and subsequent events are not indicative of the reasonableness of the original estimates of fair value made by the Company for accounting purposes. In accordance with ASU 2016-09, According to ASC 718, a change in any of the terms or conditions of RSUs or share options shall be accounted for as a modification of the plan. Therefore, the Group calculates incremental compensation cost of a modification as the excess of the fair value of the modified RSUs or share options over the fair value of the original RSUs or share options immediately before their terms are modified, measured based on the share price and other pertinent factors at the modification date. For vested RSUs or share options, the Group would recognize incremental compensation cost in the period the modification occurs and for unvested RSUs or share options, the Group would recognize, over the remaining requisite service period, the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original awards on the modification date. (aa) Employee benefits Full time employees of the Group in the PRC participate in a government mandated defined contribution pl |
Initial Public Offering
Initial Public Offering | 12 Months Ended |
Mar. 31, 2019 | |
Text Block [Abstract] | |
Initial Public Offering | 3 INITIAL PUBLIC OFFERING In December 2018, the Company consummated its initial public offering (“IPO”) on the New York Stock Exchange by issuing 4,834,910 American Depositary Shares (“ADS”) at the price of US$14.00 per ADS. Each ADS represents 25 Class A ordinary shares. Net proceeds raised by the Company amounted to approximately RMB389,356(US$58,016) after deducting underwriting discounts and commissions and other offering expenses. Immediately prior to the completion of the IPO, all classes of preferred shares of the Company were converted to Class A ordinary shares on a one-for-one basis. All the convertible redeemable Class B ordinary shares of the Company then booked in mezzanine equity were re-designated one-for-one re-designated one-for-one Upon the completion of the IPO, holders of Class A ordinary shares and Class B ordinary shares have the same rights except for voting and conversion rights. Each Class A ordinary share is entitled to one vote, and each Class B ordinary share is entitled to 30 votes. Each Class B ordinary share is convertible into one Class A ordinary share at holder’s discretion while Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Upon any sale, transfer, assignment or disposition of any Class B ordinary shares by a holder to any non-affiliate |
Risks and Concentration
Risks and Concentration | 12 Months Ended |
Mar. 31, 2019 | |
Risks and Uncertainties [Abstract] | |
Risks and Concentration | 4 RISKS AND CONCENTRATION (a) Concentration of credit risk Assets that potentially subject the Group to significant concentrations of credit risk primarily consist of cash and cash equivalents, restricted cash, short-term investments and loan receivables. The maximum exposure of such assets to credit risk is their carrying amounts as of the balance sheet dates. As of March 31, 2018 and 2019, all of the Group’s cash and cash equivalents, restricted cash, and short-term investments were held with major financial institutions located in the PRC and Hong Kong which management believes are of high credit quality. On May 1, 2015, China’s new Deposit Insurance Regulation came into effect, pursuant to which banking financial institutions, such as commercial banks, established in China are required to purchase deposit insurance for deposits in RMB and in foreign currency placed with them. Such Deposit Insurance Regulation would not be effective in providing complete protection for the Group’s accounts, as its aggregate deposits are much higher than the compensation limit. However, the Group believes that the risk of failure of any of these PRC banks is remote. Loan receivables are derived from loan to merchants and consumers in the PRC. The risk with respect to loan receivable is mitigated by credit evaluations the Group performs on merchants and consumers and its ongoing monitoring process of outstanding balances. (b) Concentration of customers and suppliers There were no customers or suppliers whose revenues or purchases individually represent greater than 10% of the total revenues or the total purchases of the Group for the years ended March 31, 2017, 2018 and 2019. (c) Foreign currency exchange rate risk The Group is exposed to foreign currency exchange rate risk, which mainly affects the monetary assets denominated in the currencies other than the functional currencies of the respective entities. For the years ended March 31, 2017, 2018 and 2019, such affected monetary assets primarily included cash and cash equivalents denominated in US$. In July 2005, the PRC government changed its decades-old |
Other Revenues
Other Revenues | 12 Months Ended |
Mar. 31, 2019 | |
Text Block [Abstract] | |
Other Revenues | 5 OTHER REVENUES Other revenues by type of service is as follows: For the year ended March 31, 2017 2018 2019 RMB RMB RMB Online direct sales 3,746 16,948 62,114 Financing solutions 14,723 23,293 49,076 Technology services 1,499 18,645 38,963 Others 24,301 21,378 20,650 Total 44,269 80,264 170,803 |
Other (Expenses)_Income, Net
Other (Expenses)/Income, Net | 12 Months Ended |
Mar. 31, 2019 | |
Other Income and Expenses [Abstract] | |
Other (Expenses)/Income, Net | 6 OTHER (EXPENSES)/INCOME, NET For the year ended March 31, 2017 2018 2019 RMB RMB RMB Government grants 9,236 2,646 13,430 (Losses)/Gains on disposal of property and equipment (1,922 ) 11,043 772 Exchange (losses)/gain (7,892 ) 8,805 (7,068 ) Compensation cost on rental contracts termination (15,448 ) — — Others (1,403 ) (3,533 ) 1,627 Total (17,429 ) 18,961 8,761 |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | 7 FAIR VALUE MEASUREMENT As of March 31, 2018 and 2019, the Group’s assets and liabilities that are measured or disclosed at fair value on a recurring basis in periods subsequent to their initial recognition is as follows: Fair value measurement at reporting date using Description Fair value as of March 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) RMB RMB RMB RMB Assets: Short-term investments 130,000 — 130,000 — Available-for-sale 50,636 — — 50,636 Total assets 180,636 — 130,000 50,636 Fair value measurement at reporting date using Description Fair value as of March 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) RMB RMB RMB RMB Assets: Short-term investments 212,000 — 212,000 — Available-for-sale 72,459 — — 72,459 Total assets 284,459 — 212,000 72,459 When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group will measure fair value using valuation techniques that use, when possible, current market-based or independently sourced market parameters, such as interest rates and currency rates. Following is a description of the valuation techniques that the Group uses to measure the fair value of assets that the Group reports in its Consolidated Balance Sheets at fair value on a recurring basis. Short-term investments The Group values its short-term investments held in certain banks or financial institutions using model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data, and accordingly, the Group classifies the valuation techniques that use these inputs as Level 2. Investments The roll forward of major Level 3 investments are as following: Kuailaimai iSNOB Huzan Total RMB RMB RMB RMB Fair value of Level 3 investments as at March 31, 2016 9,935 — — 9,935 The change in fair value of the investment 1,000 — — 1,000 Fair value of Level 3 investments as at March 31, 2017 10,935 — — 10,935 Addition — 18,000 10,000 28,000 Effect of currency translation adjustment — (1,129 ) — (1,129 ) The change in fair value of the investment 4,912 3,897 4,021 12,830 Fair value of Level 3 investments as at March 31, 2018 15,847 20,768 14,021 50,636 Disposal* — — (13,658 ) (13,658 ) Effect of currency translation adjustment — 1,470 (919 ) 551 The change in fair value of the investment (1,588 ) 16,140 20,378 34,930 Fair value of Level 3 investments as at March 31, 2019 14,259 38,378 19,822 72,459 * This included reclassification adjustment of the unrealized security holding gains of RMB9,393 in connection with the disposed portion as of the disposal date for gains included in net loss. The Company determined the fair value of their investment by using market approach. The determination of the fair value was based on estimates, judgments and information of other comparable public companies as well as the observable price changes based on the recent transactions of the securities, or similar securities that the Company holds. The significant unobservable inputs adopted in the valuation as of March 31, 2018 and 2019 are as following: For the years ended March 31, 2017 2018 2019 Lack of marketability discount 30 % 30 % 30 % Risk-free rate 3.06 % 2.57%-3.74 % 2.25%-2.60 % Expected volatility 41.9 % 40%-43.34 % 45%-52.68 % Revenue multiple 2.52 2.68 2.80-18.74 Net profit multiple — — 21.23 Significant increases (decreases) in lack of marketability discount in isolation would result in significantly lower (higher) fair value measurement. Significant increases (decreases) in risk-free rate, expected volatility, revenue multiple or net profit multiple in isolation would result in significantly high (lower) fair value measurement. |
Loan Receivables
Loan Receivables | 12 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Loan Receivables | 8 LOAN RECEIVABLES As of March 31, 2018 2019 RMB RMB Loan receivables - principals 104,286 123,489 - service fee 1,183 2,045 Allowance for doubtful accounts (1,222 ) (4,633 ) Loan receivables, net 104,247 120,901 Allowance for doubtful accounts movement For the year ended March 31, 2017 2018 2019 RMB RMB RMB Balance at beginning of year (142 ) (251 ) (1,222 ) Additions (337 ) (1,220 ) (3,754 ) Reversals 228 196 343 Write-offs — 53 — Balance at end of year (251 ) (1,222 ) (4,633 ) |
Prepayments and Other Current A
Prepayments and Other Current Assets | 12 Months Ended |
Mar. 31, 2019 | |
Text Block [Abstract] | |
Prepayments and Other Current Assets | 9 PREPAYMENTS AND OTHER CURRENT ASSETS Prepayments and other current assets consist of the following: As of March 31, 2018 2019 RMB RMB Receivables from third-party payment service providers (1) 87,395 84,638 Prepaid promotion fees 7,053 18,386 Other prepaid expenses 14,474 14,263 VAT receivables 50,893 13,194 Receivables of technology service 2,355 12,692 Deposits 21,387 5,325 Interest receivable 1,433 2,436 Employee loans and advances 428 948 Others 3,444 9,367 188,862 161,249 (1) Receivables from third party payment service providers represent cash due from the Group’s third party on-line |
Deconsolidation of a Subsidiary
Deconsolidation of a Subsidiary | 12 Months Ended |
Mar. 31, 2019 | |
Text Block [Abstract] | |
Deconsolidation of a Subsidiary | 10 DECONSOLIDATION OF A SUBSIDIARY In May 2016, the Company and an unrelated third party, set up iSNOB Holdings Limited (“iSNOB”), each holding 80% and 20% ordinary shares, respectively with a fully paid registered capital of RMB1,000. iSNOB operates an online shopping platform since inception. On October 31, 2017, due to issuance of new Series A Preferred Shares by iSNOB to an unrelated third party investor, the Company’s equity interest in iSNOB was diluted to 18% on a fully diluted basis and at the meantime was redesignated as redeemable preferred shares. As a result of the dilution and redesignation, the Company deconsolidated the financial results of iSNOB and accounted for its investment as an available-for-sale RMB Receivables of the Company due from iSNOB as of October 31, 2017 1,968 Proportionate share of iSNOB’s net assets as of October 31, 2017 1,250 Cash consideration 1,190 Total consideration 4,408 Fair value of investment in iSNOB 18,000 Gain on deconsolidation of a subsidiary 13,592 The portion of gains recognized that related to the remeasurement of retained interest in the deconsolidated subsidiary to fair value was RMB17,641. As of October 31, 2017, the cash balance of iSNOB was RMB6,738. Due to the deconsolidation of iSNOB, the Group had an investing cash outflow of RMB6,738. iSNOB becomes a related party of the Group after deconsolidation and related party transactions and balances with iSNOB are disclosed in Note 20. |
Investments
Investments | 12 Months Ended |
Mar. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | 11 INVESTMENTS The Company’s long-term investments consist of the following: As of March 31, 2018 2019 RMB RMB Available-for-sale Shanghai Kuailaimai Information and Technology Co., Ltd. (“Kuailaimai”) 15,847 14,259 iSNOB 20,768 38,378 Huzan Inc. (“Huzan”) 14,021 19,822 50,636 72,459 Equity method investment JM Weshop (Cayman) Inc. (“JM Weshop”) 150,401 169,262 Total 201,037 241,721 Available-for-sale The following table summarizes, by major security type, the Company’s available-for-sale As of March 31, 2017 2018 2019 RMB RMB RMB Cost 7,500 35,500 31,235 Unrealized Gains, including foreign exchange adjustment 3,435 15,136 41,224 Fair Value 10,935 50,636 72,459 Kuailaimai In April 2015, the Group purchased 25% shareholding of Kuailaimai with a cash consideration of RMB7,500. According to the investment agreement, the Company has the option to request Kuailaimai to redeem the Company’s investments at the Company’s investment cost plus the interest if Kuailaimai fails to consummate a qualified IPO within a pre-agreed period of time from the date of the Company’s investment, the redeemable shares of Kuailaimai purchased by the Group are therefore considered not in substance common stock and is classified as an available-for-sale iSNOB iSNOB was a consolidated subsidiary of the Company. In October 2017, after Series A financing of iSNOB, the equity interest of the Company was diluted to 18% on a fully diluted basis. As a result, the Company lost the control in iSNOB and the financial position and result of operations of iSNOB was deconsolidated. As of March 31, 2019, the Company held 18,000,000 convertible and redeemable preferred shares of iSNOB, and the equity interest of the Company was diluted to 14.5% due to the latest financing of iSNOB in May 2018. According to the investment agreement, the Company has the option to request iSNOB to redeem the Company’s investments at the Company’s investment cost plus the interest if iSNOB fails to consummate a qualified IPO within a pre-agreed period of time from the date of the Company’s investment. Therefore, the convertible and redeemable preferred shares that the Company subscribed from iSNOB are not in substance common stocks and are classified as an available-for-sale Huzan In January 2018, the Group purchased 20% shareholding of Huzan with a cash consideration of RMB10,000. According to the investment agreement, the Company has the option to request Huzan to redeem the Company’s investments at the Company’s investment cost plus the interest if Huzan fails to consummate a qualified IPO within a pre-agreed period of time from the date of the Company’s investment, the redeemable shares of Huzan held by the Group are therefore considered not in substance common stock and classified as an available-for-sale As of March 31, 2018, the Group remeasured the investment in Huzan at fair value of RMB14,021, which was determined by management with the assistance of independent appraiser. For the year ended, March 31, 2018 the unrealized securities holding gain net of tax of RMB3,016 was recorded in other comprehensive income. On November 1, 2018, the Company entered into a share repurchase agreement with Huzan, pursuant to which, Huzan repurchased 6,246,877 shares of Series Pre-A RMB Cash consideration collected 35,501 Less: Carrying value of investment as at November 20, 2018 (13,658 ) Add: Realized gain in other comprehensive income 9,393 Gain from investment disposal 31,236 As of March 31, 2019, the Group remeasured the investment in Huzan at a fair value of RMB19,822, which was determined by management with the assistance of an independent appraiser. For the year ended March 31, 2019, the unrealized securities holding gain net of tax of RMB10,985 was reported in other comprehensive income. For the year ended March 31, 2019, foreign currency translation loss of RMB919 was reported as foreign currency translation adjustments in other comprehensive income. Equity method investment In January 2018, JM Weshop, formerly known as JD Homexpress (Cayman) Inc., and Flying Get Limited (“Flying”), both are unrelated with the Company, and the Company entered into a share purchase agreement (the “SPA”) and a business cooperation agreement (the “BCA”). After the SPA and BCA were entered into by the three parties, JM Weshop, incorporated in Cayman, is expected to start to operate an e-commence on-line In accordance with the SPA, the Company may transfer 10,000,000 ordinary shares of JM Weshop held by the Company (“ESOP Shares”) to grantees who are the employees of JM Weshop. The Company is entitled to all the rights attaching to the ESOP Shares, including dividend rights, liquidation rights and voting rights, until the ESOP Shares are transferred to grantees upon exercise of their stock options. As of March 31, 2019, no awards with underlying ESOP shares has been granted. As the Company is able to exercise significant influence over JM Weshop and the investment is in the form of ordinary shares of the investee, the Company therefore applies equity method accounting for JM Weshop investment starting from March 2018, and should share the results of JM Weshop accordingly. The carrying amount for the investment in JM Weshop as of March 31, 2018 and 2019 were as follows: As of March 31, 2018 2019 RMB RMB Investment cost 158,627 159,711 Foreign currency translation (1,179 ) 8,425 Total investment cost 157,448 168,136 Value booked under equity method Share of cumulative (loss)/gain (4,923 ) 2,312 Share of other comprehensive loss (2,124 ) (1,186 ) Total booked value under equity method (7,047 ) 1,126 Net book value 150,401 169,262 The organized workforce contributed by the Company to JM Weshop is considered a business with an input and a substantive process that can create output in accordance with ASC 805. Since the Company contributed this noncash asset that meets the definition of a business in exchange for the equity interest in JM Weshop. The Company followed the guidance in ASC 810-10-40-5, The Company determined the fair value of the ordinary shares of JM Weshop by using income approach. The key assumptions adopted in the valuation as of March 1, 2018 are as following: As of March 1, 2018 Revenue growth rate 10% - 200 % Gross margin rate (20)% - 53.5 % Discount rate 26 % Investment in JM Weshop is accounted for using the equity method with the investment cost allocated as follows: As of March 31, 2018 2019 RMB RMB Carrying value of investment in JM Weshop’s 150,401 169,262 Proportionate share of JM Weshop’s net tangible and intangible assets 102,127 116,379 Excess of carrying value of the investment over proportionate share of JM Weshop’s net tangible and intangible assets 48,274 52,883 The excess of carrying value has been primarily assigned to: Goodwill 48,274 52,883 Cumulative (loss)/gain in equity interest in JM Weshop (4,923 ) 2,312 Cumulative other comprehensive loss in equity interest in JM Weshop (2,124 ) (1,186 ) Total (7,047 ) 1,126 For the year ended March 31, 2018, the Company recognized share based compensation expenses of RMB23 and RMB36 in the investment cost and share of results of equity investee, respectively, in connection with the stock options granted by the Company to JM Weshop employees that were transferred from the Company. For the year ended March 31, 2019, the Company recognized share based compensation expenses of RMB1,084 and RMB1,483 in the investment cost and share of results of equity investee, respectively, in connection with the stock options granted by the Company to JM Weshop employees that were transferred from the Company. For the year ended March 31, 2018, the Company recognized RMB4,982 of share of loss of equity investee and RMB2,214 of share of other comprehensive loss of equity method investee. For the year ended March 31, 2019, the Company recognized RMB5,752 of share of income of equity investee and RMB938 of share of other comprehensive income of equity method investee. This equity method investment is not considered individually material to meet threshold under Rule 4-08(g) S-X. |
Property, Equipment and Softwar
Property, Equipment and Software, Net | 12 Months Ended |
Mar. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Equipment and Software, Net | 12 PROPERTY, EQUIPMENT AND SOFTWARE, NET Property, equipment and software consist of the following: As of March 31, 2018 2019 RMB RMB Electronic equipment 45,198 32,756 Furniture and office equipment 12,463 9,326 Leasehold improvements 22,995 27,969 Vehicles 307 307 Computer softwares 3,651 3,808 Subtotal 84,614 74,166 Less: Accumulated depreciation and amortization (68,103 ) (62,191 ) Property, equipment and software, net 16,511 11,975 Depreciation and amortization expenses recognized for the years ended March 31, 2017, 2018 and 2019 were RMB95,676, RMB61,843 and RMB11,511, respectively. No impairment charges was recorded for the years ended March 31, 2017, 2018 and 2019. On October 17, 2017, the Company’s Board of Directors approved a server disposal plan, according to which the Company would fully use cloud services from January 2018 for the purpose of reduction of servers cost, mitigation of technology risk and improvement of efficiency. As part of this plan, the Company disposed of certain servers with carrying amount of approximately RMB23,540, the cost and accumulated depreciation of which are RMB158,176 and RMB134,636, respectively, in a total cash consideration of RMB34,111. The difference between the carrying amount and the consideration, of approximately RMB10,571, is recognized in other income for the year ended March 31, 2018. |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, Net | 13 INTANGIBLE ASSETS, NET The following table summarizes the Group’s intangible assets, net: As of March 31, 2018 Gross Carrying Amount Accumulated Amortization Accumulated Impairment Amount Net Carrying Amount RMB RMB RMB RMB Domain name 3,275 (954 ) — 2,321 Insurance agency license 2,848 (178 ) — 2,670 Buyer and customer resource 462,770 (462,770 ) — — Brand 184,470 (172,110 ) (12,360 ) — Strategic business resources 353,969 (242,190 ) — 111,779 Technology 22,940 (20,926 ) (2,014 ) — Total 1,030,272 (899,128 ) (14,374 ) 116,770 As of March 31, 2019 Gross Carrying Amount Accumulated Amortization Accumulated Impairment Amount Net Carrying Amount RMB RMB RMB RMB Domain name 12,495 (1,428 ) — 11,067 Trademarks 217 (33 ) — 184 Insurance agency license 2,848 (320 ) — 2,528 Buyer and customer resource 462,770 (462,770 ) — — Brand 184,470 (172,110 ) (12,360 ) — Strategic business resources 1,424,593 (436,405 ) — 988,188 Technology 22,940 (20,926 ) (2,014 ) — Total 2,110,333 (1,093,992 ) (14,374 ) 1,001,967 Amortization expenses for intangible assets were RMB440,772, RMB384,555 and RMB194,874 for the years ended March 31, 2017, 2018 and 2019, respectively. In December 2016, the business of Aimei has been terminated primarily because the Group decided to sharpen its focus on its current business model, and to a lesser extent, the operating conditions of the business. As a result, the intangible assets from the acquisition of Aimei were fully impaired. The impairment charge of approximately RMB14,374 (RMB12,360 for brand and RMB2,014 for technology, respectively) was recognized in impairment of goodwill and intangible assets in the Consolidated Statements of Operations and Comprehensive Loss for the year ended March, 2017. As of March 31, 2019, amortization expenses related to the intangible assets for future periods are estimated to be as follows: For the years ended March 31, RMB 2020 313,700 2021 313,999 2022 313,999 2023 50,213 2024 951 Thereafter 9,105 1,001,967 |
Goodwill
Goodwill | 12 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | 14 GOODWILL The changes in the carrying amount of goodwill were as follows: Cross-border business Domestic business Total RMB RMB RMB Balance as of March 31, 2016 Goodwill 96,236 1,567,725 1,663,961 Accumulated impairment loss — — — 96,236 1,567,725 1,663,961 Transaction during the year Additions (Note (a)) — 928 928 Impairment (Note (b)) (96,236 ) — (96,236 ) Balance as of March 31, 2017, 2018 and 2019 Goodwill 96,236 1,568,653 1,664,889 Accumulated impairment loss (96,236 ) — (96,236 ) — 1,568,653 1,568,653 (a) In October 2016, Hangzhou Juangua entered into a share purchase agreement with Hangzhou MG Co., Ltd. (“Hangzhou MG”). As of the acquisition date, the difference of RMB928 between the total consideration of RMB3,000 and fair value of Hangzhou MG’s net assets of RMB2,072 was recognized in goodwill. (b) Goodwill impairment Goodwill is tested for impairment on an annual basis as of March 31, and in between annual tests when an event occurs or circumstances change that could indicate that the goodwill might be impaired. As of March 31, 2016, the RMB96,236 in goodwill resulted from the acquisition of Aimei in January 2016, which formed our cross-border business reporting unit. The RMB1,567,725 in goodwill resulted from the acquisition of Meiliworks in February 2016, which formed part of our domestic business reporting unit. Once goodwill has been assigned to a reporting unit, for accounting purposes, the goodwill is no longer directly associated with the underlying acquisitions that the goodwill originated from, but rather the reporting unit to which it has been allocated. The Group had two reporting units as of March 31, 2016. In December 2016, considering qualitative factor that cross-border business was terminated primarily because the Group decided to sharpen its focus on its current business model, and to a lesser extent, the operating conditions of the business, the Group concluded that a two-step goodwill impairment test was required for the cross-border reporting unit. As the cross-border business was entirely terminated with no future cash flow expected, management determined the implied fair value of goodwill in the cross-border business reporting unit to be zero. As a result, the goodwill in the cross-border business reporting unit was fully impaired and impairment loss of RMB96,236 was recognized in impairment of goodwill and intangible assets in the Consolidated Statements of Operations and Comprehensive Loss for the year ended March 31, 2017. The Group performed annual impairment test on the goodwill related to the domestic business reporting unit on March 31 of each year which is the only reporting unit of the Group after December 2016. Considering qualitative factors that the Group was suffering from accumulated loss and operating cash outflow, the Group concluded that a two-step goodwill impairment test was required for the domestic business reporting unit. In estimating the fair value of the domestic business reporting unit in the first step of the impairment test, significant management judgment was required. As of March 31, 2017, 2018 and 2019, in using the income approach methodology of valuation, estimates to determine the fair value of the domestic business reporting unit included management judgment related to forecasts of future operating results, discount rates, and expected future growth rates that are used in the discounted cash flow method of valuation. As of March 31, 2017 and 2018, in using the market approach methodology of valuation, management made judgments related to the selection of comparable businesses. The underlying assumptions used in the first step of the impairment test considered the current industry environment and its expected impact on the fair value of the domestic business reporting unit. As of March 31, 2019, in addition to using the income approach methodology of valuation, the Group also estimated the fair value of the domestic business reporting unit with reference to its quoted market price on the measurement date in the first step of the impairment test. Based on the result of the goodwill impairment testing, the estimated fair value of the domestic business reporting unit exceeded its carrying amount as of March 31, 2017, 2018 and 2019 with sufficient headroom, respectively. Therefore, the second step of the impairment test for the domestic business reporting unit is not necessary and no impairment of goodwill related to the domestic business reporting unit was recognized during the year ended March 31, 2017, 2018 and 2019. |
Accruals and Other Liabilities
Accruals and Other Liabilities | 12 Months Ended |
Mar. 31, 2019 | |
Payables and Accruals [Abstract] | |
Accruals and Other Liabilities | 15 ACCRUALS AND OTHER LIABILITIES As of March 31, 2018 2019 RMB RMB Accrued liabilities and other current liabilities Receipts under custody (Note (a)) 205,878 141,407 Deposits from merchants (Note (b)) 303,570 223,145 Accrued advertisement expenses 42,784 69,592 Payables from deemed exercise of share options (Note (c)) 11,375 32,961 Accrued expenses 17,662 12,912 Deferred revenues 7,134 — Other payables 20,083 12,368 608,486 492,385 Non-current Initial reimbursement payment from depositary bank (Note (d)) — 4,722 608,486 497,107 (a) The receipts under custody mainly represent the amounts received by the Group from the registered users for their purchase through the Company’s online market platform, and have not been remitted to the third-party merchants yet. (b) The customer deposits mainly represent the cash deposits as collateral collected from the merchants of the online platform. The deposit can be withdrawn immediately after the merchants terminate its online shop on the platform. (c) The payables from deemed exercise of share options represent the share option exercise price prepaid by the employees for ordinary shares of the Company which will be issued after certain customary legal and tax administrative are completed. (d) The Company received initial reimbursement payment of USD935(RMB6,297) from depositary bank in January 2019. The amount will be recorded ratably as other income over a 5 year arrangement period. For the year ended March 31, 2019, the Company has recorded RMB315 in other income. |
Taxation
Taxation | 12 Months Ended |
Mar. 31, 2019 | |
Text Block [Abstract] | |
Taxation | 16 TAXATION (a) Value-added tax (“VAT”) and surcharges During the years presented, the Group is subject to statutory VAT rate of 6% for revenues from marketing services, commissions, financing solutions and other services and 17%, 16% and 10% for online direct sales. The entities within the Group, which are qualified for small scale taxpayers, are subject to statutory VAT rate of 3%. The Group is also subject to cultural undertaking development fees at the rate of 3% on advertising revenues, which are part of revenues from marketing services in PRC. The Group is also subject to urban construction tax at the rate of 1% or 7%, education surcharges at the rate of 3%, local education surcharges at the rate of 2% and other surcharges on VAT payments to the tax authorities according to PRC tax law, which are recorded in the cost of revenues in the Consolidated Operations and Comprehensive Loss. (b) Income taxes benefits Composition of income tax benefits For the year ended March 31, 2017 2018 2019 RMB RMB RMB Current income tax expenses (1,352 ) (2,654 ) (6,051 ) Deferred income tax benefits 109,039 91,319 23,268 107,687 88,665 17,217 Cayman Islands (“Cayman”) Under the current tax laws of the Cayman Islands, the Company is not subject to tax on income or capital gains. In addition, upon payments of dividends by the Company to its shareholders, no Cayman Islands withholding tax will be imposed. Hong Kong Under the current Hong Kong Inland Revenue Ordinance, the Company’s Hong Kong subsidiaries are subject to Hong Kong profits tax at the rate of 16.5% on the taxable income generated from the operations in Hong Kong. Payments of dividends by the subsidiaries to the Company are not subject to withholding tax in Hong Kong. PRC On March 16, 2007, the National People’s Congress of PRC enacted a new Corporate Income Tax Law (“new CIT Law”), under which Foreign Investment Enterprises (“FIEs”) and domestic companies would be subject to corporate income tax at a uniform rate of 25%. The new CIT Law became effective on January 1, 2008. Under the new CIT Law, preferential tax treatments will continue to be granted to entities which conduct businesses in certain encouraged sectors and to entities otherwise classified as “High and New Technology Enterprises” (“HNTE”). In accordance with the new CIT Law, Hangzhou Shiqu, Hangzhou Juangua enjoy the 15% preferential tax rate from November 12, 2016 to 2019. Hangzhou Juandou Network Technology Co., Ltd. enjoy the 15% preferential tax rate from November 30, 2018 to 2021. The preferential tax rate of Meilishuo (Beijing) Network Technology Co., Ltd. expired at December 31, 2017. On November 8, 2013, Hangzhou Shiqu and Hangzhou Juangua were entitled to be “Software Enterprises”. According to the new CIT Law and relevant regulations, from the first profit-making year to December 31, 2017, such entities could enjoy a tax holiday of 2-year 3-year On November 30, 2018, Hangzhou Juandou obtained its HNTE certificate with a valid period of three years. Therefore, Juandou is eligible to enjoy a preferential tax rate of 15% from 2018 to 2021 to the extent it has taxable income under the EIT Law, as long as it maintains the HNTE qualification and duly conducts relevant EIT filing procedures with the relevant tax authority. Tax holiday had no immediate tax impact as there is no taxable profit for Hangzhou Shiqu, Hangzhou Juangua, Hangzhou Juandou and Meilishuo (Beijing) Network Technology Co., Ltd. for the years ended March 31, 2017, 2018 and 2019. Effective from January 1, 2018, Hangzhou Shiqu, Hangzhou Juangua and Hangzhou Juandou are allowed to carry forward the annual net operating loss incurred for the year of 2013 onwards for 10 years. The Group’s other PRC subsidiaries, consolidated VIEs and VIEs’ subsidiaries are subject to the statutory income tax rate of 25%. PRC withholding tax on dividends The New CIT Law provides that an enterprise established under the laws of a foreign country or region but whose “de facto management body” is located in the PRC be treated as a resident enterprise for PRC tax purposes and consequently be subject to the PRC income tax at the rate of 25% for its global income. The Implementing Rules of the CIT Law merely define the location of the “de facto management body” as “the place where the exercising, in substance, of the overall management and control of the production and business operation, personnel, accounting, property, etc., of a non-PRC The CIT Law also imposes a withholding income tax of 10% on dividends distributed by a foreign-invested entity (“FIE”) to its immediate holding company outside of China, if such immediate holding company is considered as a non-resident The Group’s consolidated VIEs and VIEs’ subsidiaries are controlled by the Company through various contractual agreements. To the extent that these consolidated VIEs and VIEs’ subsidiaries have undistributed earnings, the Company will accrue appropriate expected tax associated with repatriation of such undistributed earnings. As of March 31, 2018 and 2019, the Company did not record any withholding tax on the retained earnings of its subsidiaries, consolidated VIEs and VIEs’ subsidiaries in the PRC as they were still in accumulated deficit position. The components of loss before tax are as follows: For the year ended March 31, 2017 2018 2019 RMB RMB RMB Loss before tax Loss from PRC entities (1,014,112 ) (795,673 ) (426,044 ) (loss)/Income from overseas entities (32,715 ) 148,955 (77,448 ) Total loss before tax (1,046,827 ) (646,718 ) (503,492 ) For the year ended March 31, 2017 2018 2019 RMB RMB RMB Income tax benefits/(expenses) Current income tax expenses (1,352 ) (2,654 ) (6,051 ) Deferred tax benefits 109,039 91,319 23,268 Total income tax benefits 107,687 88,665 17,217 Reconciliation of the differences between statutory tax rate and the effective tax rate Reconciliation of the differences between the PRC statutory tax rate of 25% and the Group’s effective tax rate is as follows: For the year ended March 31, 2017 2018 2019 PRC Statutory tax rate 25 % 25 % 25 % Difference in EIT rates of certain subsidiaries (1 %) 7 % (3 %) Permanent book – tax difference (5 %) (8 %) (5 %) Additional deduction for research and development expenditures 1 % 1 % 2 % Changes in valuation allowance (10 %) (11 %) (16 %) Effective tax rate 10 % 14 % 3 % Expenses not deductible for tax purposes and non-taxable (c) Deferred tax assets and liabilities Deferred taxes were measured using the enacted tax rates for the periods in which they are expected to be reversed. Significant components of the Group’s deferred tax assets are as follows: As of March 31, 2018 2019 RMB RMB Deferred tax assets: - Tax losses carried forward and others 628,571 710,168 - Carryforwards of un-deducted 151,608 150,530 Less: valuation allowance (780,179 ) (860,698 ) Net deferred tax assets — — Deferred tax liabilities: - Recognition of Intangible assets arisen from business combination and unrealized holding gain 25,233 2,485 Net deferred tax liabilities 25,233 2,485 As of March 31, 2019, the Group had net operating loss carry forwards of approximately RMB3,655,712 which mainly arose from the subsidiaries, consolidated VIEs and VIEs’ subsidiaries established in the PRC. The loss carry forwards from PRC entities will expire during the calendar year from 2019 to 2028. The carry forwards period for net operating losses under the EIT Law is five years. The net operating loss of the Group will start to expire if not utilized. Other than the expiration, there are no other limitations or restrictions upon Group’s ability to use these operating losses carry forwards. As of March 31, 2019, net operating loss carry forwards from PRC entities will expire as follows: At December 31, RMB 2019 465,625 2020 799,821 2021 371,700 2022 157,649 2023 66,122 Thereafter 1,794,795 3,655,712 A valuation allowance is provided against deferred tax assets when the Group determines that it is more likely than not that the deferred tax assets will not be utilized in the future. In making such determination, the Group evaluates a variety of factors including the Group’s operating history, accumulated deficit, existence of taxable temporary differences and reversal periods. Movement of valuation allowance For the year ended March 31, 2017 2018 2019 RMB RMB RMB Balance at beginning of the period 598,530 707,595 780,179 Addition 114,408 73,480 83,516 Written off for expiration of net operating losses (5,343 ) — — Utilization of previously unrecognized tax loss and un-deductible — (896 ) (2,997 ) Balance at end of the period 707,595 780,179 860,698 |
Ordinary Shares
Ordinary Shares | 12 Months Ended |
Mar. 31, 2019 | |
Federal Home Loan Banks [Abstract] | |
Ordinary Shares | 17 ORDINARY SHARES Prior to May 24, 2013, each ordinary share had a par value of US$0.001. On May 24, 2013, the Board of Directors of the Company passed the resolution that each issued and unissued share of the authorized share capital of the Company, with a par value of US$0.001 each, be subdivided into 100 shares with a par value of US$0.00001 each. As of March 31, 2018, the Company had 3,263,949,065 ordinary shares authorized, 335,534,850 shares of Class A Ordinary Shares, 90,491,694 shares of convertible redeemable Class B Ordinary Shares and 215,243,513 shares of Class C Ordinary Shares issued and outstanding. Immediately prior to the consummation of the IPO, the authorized share capital of the Company is US$500,000 divided into 50,000,000,000 shares comprising of (i) 49,000,000,000 Class A Ordinary Shares of a par value of US$0.00001 each, (ii) 500,000,000 Class B Ordinary Shares of a par value of US$0.00001 each and (iii) 500,000,000 shares of a par value of US$0.00001 each of such class or classes (however designated) as the board of directors may determine in accordance with the Memorandum of Association of the Company. On December 10, 2018, the Company consummated its IPO on the New York Stock Exchange with a total 118,750,000 shares of Class A Ordinary Shares issued at a price of US$0.56 per share. Subsequently on December 18, 2018, over-allotment option were fully exercised and the Company issued additional 2,122,750 shares of Class A Ordinary Shares issued at a price of US$0.56 per share. As of March 31, 2019, the Company had 2,371,289,450 shares of Class A Ordinary Shares and 303,234,004 shares of Class B Ordinary Shares issued and outstanding. The shareholders agreement provides that for so long as Tencent and its affiliates, the principal shareholders hold no less than 50% of the shares in the Company that they currently hold, Tencent has a veto right on any proposed transfer or issuance of the Company’s securities to the competitors of Tencent, subject to certain exceptions for open market transactions and underwritten offerings. The Company has a dual class voting structure under which all of the ordinary shares held by the founders are designated as Class B Ordinary Shares and all of the other ordinary shares are designated as Class A Ordinary Shares. Class A and Class B Ordinary Shares have the same rights except for voting and conversion rights. Both of the Class A and Class B Ordinary Shares were entitled to one vote per share before the IPO. Upon the completion of the IPO, holders of Class B Ordinary Shares are entitled to 30 votes per share. Each Class B Ordinary Share is convertible into one Class A Ordinary Share at any time by the holder while Class A Ordinary Shares are not convertible into Class B Ordinary Shares under any circumstances. CONVERTIBLE REDEEMABLE CLASS B ORDINARY SHARES On January 24, 2013, pursuant to a share transfer agreement, the Company’s minority shareholder, Xincheng Investment Limited, transferred a total of 19,380,900 ordinary shares to a convertible redeemable preferred shares holder of the Company, at a price of US$0.1548 for a total amount of US$3,000. These 19,380,900 ordinary shares were surrendered by the holder and then cancelled by the Company. Simultaneously, the Company issued the same number of liquidation preference ordinary shares (referred to “Class B-1 On November 21, 2013, pursuant to a share transfer agreement, Xincheng Investment Limited transferred a total of 41,767,800 ordinary shares to a convertible redeemable preferred shares holder of the Company, at a price of US$0.1651 for a total amount of US$6,896. These 41,767,800 ordinary shares were surrendered by the holder and then cancelled by the Company. Simultaneously, the Company issued the same number of liquidation preference ordinary shares (referred to “Class B-2 On May 16, 2014, pursuant to a share transfer agreement, Votion Limited, a related party controlled by the founders of the Company, transferred a total of 29,342,994 ordinary shares to a convertible redeemable preferred shares holder of the Company, at a price of US$0.3987 for a total amount of US$11,700. These 29,342,994 ordinary shares were surrendered by the holder and then cancelled by the Company. Simultaneously, the Company issued the equal number of liquidation preference ordinary shares (referred to “Class B-3 Class B-1, B-2 B-3 No ordinary share may be converted into Convertible Redeemable Class B Ordinary Shares. Class B-1 Class B-2 Class B-3 With respect to cancellation of ordinary shares in exchange for issuance of Convertible Redeemable Class B Ordinary Shares, management of the Company concluded that these transfer transactions are accounted for as the transaction between the shareholders of the Company, including recognizing expenses for share based compensation component in the transactions involving the founder and management of the Company. The total difference of RMB140,255 between the carrying value of related share capitals and the initial value of Convertible Redeemable Class B Ordinary Shares was debited to additional paid-in The holders of the Company’s Convertible Redeemable Class B Ordinary Shares have the same rights as the Company’s ordinary shares except for the following rights of liquidation preference: a) In the event of any liquidation, dissolution, winding up or deemed liquidation of the Company, either voluntary or involuntary, after satisfaction of all creditors’ claims and claims that may be preferred by law and setting aside or paying in full the aggregate liquidation preference amount of the convertible redeemable Series C preferred shares, the convertible redeemable Series B preferred shares and the convertible redeemable Series A preferred shares (other than any such liquidation preference amount duly waived), prior and in preference to any distribution of any of the assets or surplus funds of the Company to the holders of Junior Ordinary Shares by reason of their ownership of such shares, a holder of Convertible Redeemable Class B Ordinary Shares shall be entitled to receive, in respect of each Convertible Redeemable Class B Ordinary Share held by it and on a pari passu basis with any other Convertible Redeemable Class B Ordinary Shares, the liquidation preference amount of such Convertible Redeemable Class B Ordinary Share. b) The liquidation preference amount of a Convertible Redeemable Class B Ordinary Share shall mean an amount equal to IP × (1.08) N, c) Deemed Liquidation Events include: (i) a sale, conveyance or disposition of all or substantially all of the assets of the Company and/or any of the subsidiaries which it has requisite controls, whether through equity ownership or contractual arrangements, in the aggregate, (ii) an exclusive licensing of all or substantially all of the intellectual property of the Company itself and/or any of the subsidiaries which it has requisite controls, whether through equity ownership or contractual arrangements, in the aggregate, to any third party, and (iii) a trade sale. The Convertible Redeemable Class B Ordinary Shares are redeemable upon a liquidation event, including a deemed liquidation event, and therefore are presented as mezzanine equity on the Consolidated Balance Sheets. In accordance with ASC 480-10-S99, To-date, As discussed in Note 3, upon the consummation of the IPO on December 10, 2018, all Convertible Redeemable Class B Ordinary Shares were re-designated one-for-one CLASS C ORDINARY SHARES Class C Ordinary Shares means, initially, the ordinary shares that are beneficially owned by the founders of the Company. The holder of any Class C Ordinary Shares issued and outstanding shall have thirty (30) votes for each Class C Ordinary Share held by such holder. No ordinary share may be converted into Class C Ordinary Shares, except that any ordinary shares beneficially owned by Mr. Chen Qi (if not already Class C Ordinary Shares) shall be automatically converted into Class C Ordinary Shares on a 1:1 basis upon commencement of such beneficial ownership. If any Class C Ordinary Share ceases to be beneficially owned by Mr. Chen Qi, such Class C Ordinary Shares shall be automatically converted into Class A Ordinary Shares on a 1:1 basis upon such cessation of beneficial ownership. Any Class C Ordinary Shares may be converted into Class A Ordinary Shares on a 1:1 basis at the option of the holder thereof. Upon the earlier of (A) Mr. Chen Qi ceasing to serve as the Chief Executive Officer of the Company, and (B) the occurrence of a relevant material breach trigger, all of the Class C Ordinary Shares beneficially owned by Mr. Chen Qi shall automatically be converted into Class A Ordinary Shares on a 1:1 basis. As discussed in Note 3, upon the consummation of the IPO on December 10, 2018, all Class C Ordinary Shares were re-designated one-for-one |
Convertible Redeemable Preferre
Convertible Redeemable Preferred Shares | 12 Months Ended |
Mar. 31, 2019 | |
Text Block [Abstract] | |
Convertible Redeemable Preferred Shares | 18 CONVERTIBLE REDEEMABLE PREFERRED SHARES On November 30, 2011, pursuant to a share purchase agreement, the Company issued 166,666,700 convertible redeemable Series A preferred shares at a price of US$0.02 per share for a total amount of US$3,333 to convertible redeemable Series A preferred shares investors. The convertible redeemable Series A preferred shares has a par value of US$0.00001 each. On November 30, 2011, pursuant to a share transfer agreement, Votion Limited, which was controlled by the founders of the Company, transferred a total of 26,666,700 ordinary shares to convertible redeemable Series A preferred shares holders at a price of US$0.045 per share for a total amount of US$1,200. These 26,666,700 ordinary shares were surrendered by the holder and then cancelled by the Company. Simultaneously, the Company issued the equal number of convertible redeemable Series A preferred shares to the purchasers. On January 19, 2012, pursuant to a share purchase agreement, the Company issued 148,000,000 convertible redeemable Series B preferred shares at a price of US$0.078 per share for a total amount of US$11,550 to convertible redeemable Series B preferred shares investors. The convertible redeemable Series B preferred shares has a par value of US$0.00001 each. On January 19, 2012, pursuant to a share transfer agreement, convertible redeemable Series A preferred shares investors transferred a total of 4,180,200 convertible redeemable Series A preferred shares to Votion Limited at a price of US$0.003 per share for a total amount of US$13. These 4,180,200 convertible redeemable Series A preferred shares were surrendered by the holder and then cancelled by the Company. Simultaneously, the Company issued the equal number of ordinary shares to Votion Limited. On September 24, 2012, pursuant to a share purchase agreement, the Company issued 116,285,700 convertible redeemable Series B-1 B-1 B-1 On January 24, 2013, pursuant to a share purchase agreement, the Company issued 24,226,200 convertible redeemable Series B-2 B-2 B-2 On May 16, 2014, pursuant to a share purchase agreement, the Company issued 208,661,292 convertible redeemable Series C preferred shares at a price of US$0.6134 per share for a total amount of US$128,000. The convertible redeemable Series C preferred shares has a par value of US$0.00001 each. On May 30, 2014, pursuant to a share purchase agreement, the Company issued 81,508,317 convertible redeemable Series C preferred shares at a price of US$0.6134 per share for a total amount of US$50,000. The convertible redeemable Series C preferred shares has a par value of US$0.00001 each. On October 30, 2015, pursuant to a share purchase agreement, the Company issued 103,646,131 convertible redeemable Series D preferred shares at a price of US$0.9648 per share for a total amount of US$100,000. The convertible redeemable Series D preferred shares has a par value of US$0.00001 each. On January 30, 2016, pursuant to a share purchase agreement, the Company issued 103,646,132 convertible redeemable Series D preferred shares at a price of US$0.9648 per share for a total amount of US$100,000. The convertible redeemable Series D preferred shares has a par value of US$0.00001 each. On February 3, 2016, pursuant to a share purchase agreement, each existing convertible redeemable Series D preferred share was re-designated C-1 re-designated B-1 B-2 re-designated A-7 B-1 re-designated A-7 re-designated A-4 re-designated A-2 On February 3, 2016, pursuant to a share purchase agreement, the Company issued 117,662,806 Class A Ordinary Shares, 91,289,618 convertible redeemable Series A-1 A-3 A-5 A-6 B-2 On February 3, 2016, pursuant to a share purchase agreement, the Company modified the original issuance price of convertible redeemable Series C-1 On February 3, 2016, pursuant to a share purchase agreement, the Company issued 111,899,688 convertible redeemable Series C-2 C-2 On June 3, 2016, pursuant to a share purchase agreement, the Company issued 29,446,407 convertible redeemable Series C-3 C-3 On July 18, 2018, pursuant to a share purchase agreement, the Company issued 157,047,506 convertible redeemable Series C-3 The convertible redeemable Series A-1, A-2, A-3, A-4, A-5, A-6 A-7 B-1 B-2 C-1, C-2 C-3 The Group’s Preferred Shares activities for the year ended March 31, 2017 is summarized below: Balance as of Issuance of Accretion on Balance as of Series A-1 Preferred Shares (US$0.00001 of par value per share; 91,289,618 shares authorized, issued and outstanding as of March 31, 2017 with redemption value of RMB15,116 as of December 31, 2018) Number of shares 91,289,618 — — 91,289,618 Amount 207,287 — — 207,287 Series A-2 Preferred Shares (US$0.00001 of par value per share; 189,153,200 shares authorized, issued and outstanding as of March 31, 2017 with redemption value of RMB42,684 as of December 31, 2018) Number of shares 189,153,200 — — 189,153,200 Amount 36,415 — 1,990 38,405 Series A-3 Preferred Shares (US$0.00001 of par value per share; 95,898,640 shares authorized, issued and outstanding as of March 31, 2017 with redemption value of RMB83,389 as of December 31, 2018) Number of shares 95,898,640 — — 95,898,640 Amount 221,137 — — 221,137 Series A-4 Preferred Shares (US$0.00001 of par value per share; 148,000,000 shares authorized, issued and outstanding as of March 31, 2017 with redemption value of RMB125,531 as of December 31, 2018) Number of shares 148,000,000 — — 148,000,000 Amount 108,078 — 6,047 114,125 Series A-5 Preferred Shares (US$0.00001 of par value per share; 43,262,547 shares authorized, issued and outstanding as of March 31, 2017 with redemption value of RMB137,703 as of December 31, 2018) Number of shares 43,262,547 — — 43,262,547 Amount 112,418 — 8,608 121,026 Series A-6 Preferred Shares (US$0.00001 of par value per share; 117,192,207 shares authorized, issued and outstanding as of March 31, 2017 with redemption value of RMB504,349 as of December 31, 2018) Number of shares 117,192,207 — — 117,192,207 Amount 331,516 — 54,645 386,161 Series A-7 Preferred Shares (US$0.00001 of par value per share; 140,511,900 shares authorized, issued and outstanding as of March 31, 2017 with redemption value of RMB299,461 as of December 31, 2018) Number of shares 140,511,900 — — 140,511,900 Amount 254,369 — 15,547 269,916 Series B-1 Preferred Shares (US$0.00001 of par value per share; 290,169,609 shares authorized, issued and outstanding as of March 31, 2017 with redemption value of RMB1,574,841 as of December 31, 2018) Number of shares 290,169,609 — — 290,169,609 Amount 1,306,962 — 91,684 1,398,646 Series B-2 Preferred Shares (US$0.00001 of par value per share; 194,572,067 shares authorized, issued and outstanding as of March 31, 2017 with redemption value of RMB1,906,021 as of December 31, 2018) Number of shares 194,572,067 — — 194,572,067 Amount 1,127,682 — 237,135 1,364,817 Series C-1 Preferred Shares (US$0.00001 of par value per share; 215,946,767 shares authorized, issued and outstanding as of March 31, 2017 with redemption value of RMB1,626,607 as of December 31, 2018) Number of shares 215,946,767 — — 215,946,767 Amount 1,301,866 — 109,805 1,411,671 Series C-2 Preferred Shares (US$0.00001 of par value per share; 111,899,688 shares authorized, issued and outstanding as of March 31, 2017 with redemption value of RMB937,315 as of December 31, 2018) Number of shares 111,899,688 — — 111,899,688 Amount 754,603 — 61,906 816,509 Series C-3 Preferred Shares (US$0.00001 of par value per share; 98,154,692 shares authorized, 29,446,407 shares issued and outstanding as of March 31, 2017 with redemption value of RMB241,361 as of December 31, 2018) Number of shares — 29,446,407 — 29,446,407 Amount — 192,142 14,535 206,677 Total number of Preferred Shares 1,637,896,243 29,446,407 — 1,667,342,650 Total amount of Preferred Shares 5,762,333 192,142 601,902 6,556,377 The Group’s Preferred Shares activities for the year ended March 31, 2018 is summarized below: Balance as of Accretion on Balance as of Series A-1 Preferred Shares (US$0.00001 of par value per share; 91,289,618 shares authorized, issued and outstanding as of March 31, 2018 with redemption value of RMB15,116 as of December 31, 2018) Number of shares 91,289,618 — 91,289,618 Amount 207,287 — 207,287 Series A-2 Preferred Shares (US$0.00001 of par value per share; 189,153,200 shares authorized, issued and outstanding as of March 31, 2018 with redemption value of RMB42,684 as of December 31, 2018) Number of shares 189,153,200 — 189,153,200 Amount 38,405 2,098 40,503 Series A-3 Preferred Shares (US$0.00001 of par value per share; 95,898,640 shares authorized, issued and outstanding as of March 31, 2018 with redemption value of RMB83,389 as of December 31, 2018) Number of shares 95,898,640 — 95,898,640 Amount 221,137 — 221,137 Series A-4 Preferred Shares (US$0.00001 of par value per share; 148,000,000 shares authorized, issued and outstanding as of March 31, 2018 with redemption value of RMB125,531 as of December 31, 2018) Number of shares 148,000,000 — 148,000,000 Amount 114,125 6,384 120,509 Series A-5 Preferred Shares (US$0.00001 of par value per share; 43,262,547 shares authorized, issued and outstanding as of March 31, 2018 with redemption value of RMB137,703 as of December 31, 2018) Number of shares 43,262,547 — 43,262,547 Amount 121,026 9,266 130,292 Series A-6 Preferred Shares (US$0.00001 of par value per share; 117,192,207 shares authorized, issued and outstanding as of March 31, 2018 with redemption value of RMB504,349 as of December 31, 2018) Number of shares 117,192,207 — 117,192,207 Amount 386,161 63,653 449,814 Series A-7 Preferred Shares (US$0.00001 of par value per share; 140,511,900 shares authorized, issued and outstanding as of March 31, 2018 with redemption value of RMB299,461 as of December 31, 2018) Number of shares 140,511,900 — 140,511,900 Amount 269,916 16,504 286,420 Series B-1 Preferred Shares (US$0.00001 of par value per share; 290,169,609 shares authorized, issued and outstanding as of March 31, 2018 with redemption value of RMB1,574,841 as of December 31, 2018) Number of shares 290,169,609 — 290,169,609 Amount 1,398,646 98,116 1,496,762 Series B-2 Preferred Shares (US$0.00001 of par value per share; 194,572,067 shares authorized, issued and outstanding as of March 31, 2018 with redemption value of RMB1,906,021 as of December 31, 2018) Number of shares 194,572,067 — 194,572,067 Amount 1,364,817 287,000 1,651,817 Series C-1 Preferred Shares (US$0.00001 of par value per share; 215,946,767 shares authorized, issued and outstanding as of March 31, 2018 with redemption value of RMB1,626,607 as of December 31, 2018) Number of shares 215,946,767 — 215,946,767 Amount 1,411,671 119,076 1,530,747 Series C-2 Preferred Shares (US$0.00001 of par value per share; 111,899,688 shares authorized, issued and outstanding as of March 31, 2018 with redemption value of RMB937,315 as of December 31, 2018) Number of shares 111,899,688 — 111,899,688 Amount 816,509 66,985 883,494 Series C-3 Preferred Shares (US$0.00001 of par value per share; 98,154,692 shares authorized, 29,446,407 shares issued and outstanding as of March 31, 2018 with redemption value of RMB241,361 as of December 31, 2018) Number of shares 29,446,407 — 29,446,407 Amount 206,677 19,158 225,835 Total number of Preferred Shares 1,667,342,650 — 1,667,342,650 Total amount of Preferred Shares 6,556,377 688,240 7,244,617 The Group’s Preferred Shares activities for the year ended March 31, 2019 is summarized below: Balance as of March 31, 2018 Accretion on convertible redeemable preferred shares to redemption value Issuance of convertible redeemable Series C-3 preferred shares, net of issuance costs Conversion to Balance as of March 31, 2019 Series A-1 Number of shares 91,289,618 — — (91,289,618 ) — Amount 207,287 — — (207,287 ) — Series A-2 Number of shares 189,153,200 — — (189,153,200 ) — Amount 40,503 1,833 — (42,336 ) — Series A-3 Number of shares 95,898,640 — — (95,898,640 ) — Amount 221,137 — — (221,137 ) — Series A-4 Number of shares 148,000,000 — — (148,000,000 ) — Amount 120,509 5,481 — (125,990 ) — Series A-5 Number of shares 43,262,547 — — (43,262,547 ) — Amount 130,292 7,066 — (137,358 ) — Series A-6 Number of shares 117,192,207 — — (117,192,207 ) — Amount 449,814 40,619 — (490,433 ) — Series A-7 Number of shares 140,511,900 — — (140,511,900 ) — Amount 286,420 13,655 — (300,075 ) — Series B-1 Number of shares 290,169,609 — — (290,169,609 ) — Amount 1,496,762 76,993 — (1,573,755 ) — Series B-2 Number of shares 194,572,067 — — (194,572,067 ) — Amount 1,651,817 178,820 — (1,830,637 ) — Series C-1 Number of shares 215,946,767 — — (215,946,767 ) — Amount 1,530,747 87,788 — (1,618,535 ) — Series C-2 Number of shares 111,899,688 — — (111,899,688 ) — Amount 883,494 49,943 — (933,437 ) — Series C-3 Number of shares 29,446,407 — 157,047,506 (186,493,913 ) — Amount 225,835 47,706 1,069,753 (1,343,294 ) — Total number of Preferred Shares 1,667,342,650 — 157,047,506 (1,824,390,156 ) — Total amount of Preferred Shares 7,244,617 509,904 1,069,753 (8,824,274 ) — As discussed in Note 3, in December 2018, immediately prior to the completion of the Company’s initial public offering, all of the Preferred Shares were converted to Class A Ordinary Shares based on the aforementioned conversion price. Prior to their conversion, the Preferred Shares were entitled to certain privileges over ordinary shares with respects to conversion, redemption, dividends and liquidation. The key terms of the Preferred Shares are as follows: Conversion right Each holder of Preferred Shares shall be entitled to convert any or all of its Preferred Shares at any time, into such number of fully paid Class A Ordinary Shares at corresponding Preferred Shares’ original purchase price (original conversion price), which is subject to adjustment for diluting issuances. Each Preferred Share shall be converted automatically into the number of fully paid Class A Ordinary Share (i) immediately upon the closing of a qualified public offering or (ii) the written consent of holders of at least a majority of the outstanding Preferred Shares in the same sub-series Redemption right If (A) the Company fails to complete a qualified public offering on or prior to December 31, 2018, (B) Mr. Chen Qi (i) resigns or is removed from the Company or any other Group Companies; or (ii) directly or indirectly participates (other than as a non-executive N On July 18, 2018, the Company amended its Memorandum of Articles of Association to extend the first possible redemption date of the Preferred Shares from December 31, 2018 to December 31, 2019. Liquidation right In the event of any liquidation, dissolution, winding up or deemed liquidation of the Company, either voluntary or involuntary, after satisfaction of all creditors’ claims and claims that may be preferred by law, prior and in preference to any distribution of any of the assets or surplus funds of the Company to the holders of ordinary shares by reason of their ownership of such shares, a holder of Preferred Shares shall be entitled to receive, in respect of each Preferred Share held by it and on a pari passu basis with any other Preferred Shares, the liquidation preference amount of such Preferred Share. Upon liquidation, Series C Preferred Shares shall rank senior to Series B Preferred Shares, Series B Preferred Shares shall rank senior to Series A Preferred Shares and Series A Preferred Shares shall rank senior to ordinary shares. The “Liquidation Preference Amount” of a convertible redeemable preferred share shall mean an amount equal to IP × (1.08) N Dividend right (a) The Series C Preferred Shares shall be entitled to receive non-cumulative (b) The Series B Preferred Shares shall be entitled to receive non-cumulative (c) The Series A Preferred Shares shall be entitled to receive non-cumulative (d) In the event the Company shall declare a distribution other than in cash, the holders of Preferred Shares shall be entitled to a proportionate share of any such distribution as though the holders of Preferred Shares were holders of the number of Ordinary Shares into which their Preferred Shares are convertible as of the record date fixed for the determination of the holders of Ordinary Shares entitled to receive such distribution. Voting rights The holder of any Preferred Shares shall be entitled to the number of votes equal to the number of Class A Ordinary Shares into which such Preferred Share could be converted at the record date for determination of the members entitled to vote on such matters. Before IPO, the Company has classified the Preferred Shares in the mezzanine equity on the Consolidated Balance Sheets as they are contingently redeemable at the options of the holders. In addition, the Company records accretions on the Preferred Shares to the redemption value from the issuance dates to the earliest redemption dates, i.e. December 31, 2018. The accretions are recorded against additional paid-in paid-in The Company determined that there were no embedded derivatives requiring bifurcation as the economic characteristics and risks of the embedded conversion and redemption features are clearly and closely related to that of the Preferred Shares. The Preferred Shares are not readily convertible into cash as there is not a market mechanism in place for trading of the Company’s shares. The Company has determined that there was no beneficial conversion feature attributable to any of the preferred shares because the initial effective conversion prices of these preferred shares were higher than the fair value of the Company’s common shares determined by the Company with the assistance from an independent valuation firm. The Company assesses whether an amendment to the terms of its Preferred Shares is an extinguishment or a modification using the fair value model. When Preferred Shares are extinguished, the difference between the fair value of the consideration transferred to the holders of Preferred Shares and the carrying amount of Preferred Shares (net of issuance costs) is treated as deemed dividend to the holders of Preferred Shares. The Company considers that a significant change in fair value after the change of the terms to be substantive and thus triggers extinguishment. A change in fair value which is not significant immediately after the change of the terms is considered non-substantive Modifications Modifications of Preferred Shares that result in transfers of value between holders of Preferred Shares and ordinary shareholders are accounted by analogizing to the guidance in ASC 718 for modification of share compensation arrangements classified as equity. Any changes in value resulting from the modification is recognized as effective dividend to (from) holders of Preferred Shares and is included in earnings available to ordinary shareholders in both basic and diluted EPS calculation. For the year ended March 31, 2018, there was no modification of Preferred Shares. On July 18, 2018, the Company amended its Memorandum of Articles of Association to extend the first possible redemption date of the Preferred Shares from December 31, 2018 to December 31, 2019. The amendment to the first possible redemption date of the Preferred Shares was accounted for as modification as the fair values of these Shares immediately after the amendment was not significantly different from their fair values immediately before the amendment. The Company accounted for the modification that resulted in a transfer of value from ordinary shareholders to holders of mezzanine equity of RMB89,076 as deemed dividend to holders of mezzanine equity. The impact on the accretion of the Preferred Shares to redemption value is accounted for prospectively. |
Share Based Compensation
Share Based Compensation | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share Based Compensation | 19 SHARE BASED COMPENSATION (a) Global Share Plan On December 9, 2011, the Company’s Board of Directors approved the establishment of Global Share Plan that provides for granting options to eligible directors, employees and etc. (collectively, the “Grantees”) to acquire ordinary shares of the Company at an exercise price as determined by the Board at the time of grant. According to the latest amended and restated Global Share Plan, the Board of Directors authorized and reserved 316,317,652 ordinary shares for the issuance. Since adoption of the Global Share Plan, the Company granted RSUs and options to the Grantees. All RSUs and options granted have a contractual term of ten years, and the majority vest over a period of four years of continuous service on a straight-line basis. Under the option plan, options are exercisable subject to the grantee’s continuous service and the listing of the stock of the Company on a public stock exchange market or be held in escrow if the employee exercise the vested part when leaving the Company, which is normally in fifteen days after resignation. The Company accounted for the share based compensation costs on a straight-line basis over the requisite service period for the award based on the fair value on their respective grant dates. Upon the deemed exercise of the options, the Company recognized the receipts in escrow account of exercise amount paid by grantees in accruals and other current liabilities in the Consolidated Balance Sheets. Valuation of stock options The Group uses the Binominal option pricing model to estimate the fair value of stock options. There was no option granted for the year ended March 31, 2019. The assumptions used to value the Company’s option grants for the years ended March 31, 2017 and 2018 were as follows: Valuation Dates 2017 2018 Expected term 10 years 10 years Expected volatility 49.24%-50.37% 47.49% Exercise multiple 2.2~2.8 2.2~2.8 Expected dividend yield — — Risk-free interest rate 1.58%-1.7% 2.4% Expected forfeiture rate (post vesting) 3% for staff 0% for management 3% for staff 0% for management Fair value of the underlying shares on the date of option grants (US$) 0.37~0.40 0.45 Fair value of share option (US$) 0.11~0.39 0.14 The Group estimated the risk free rate based on the yield to maturity of U.S. treasury bonds denominated in US$ at the option valuation date. The exercise multiple is estimated as the ratio of fair value of underlying shares over the exercise price as at the time the option is exercised, based on a consideration of empirical studies on the actual exercise behavior of employees. Expected term is the contract life of the option. The expected volatility at the date of grant date and each option valuation date was estimated based on the historical stock prices of comparable companies. The Group has never declared or paid any cash dividends on its capital stock, and the Group does not anticipate any dividend payments in the foreseeable future. Summary of option activities under the Global Share Plan The following table sets forth the summary of option activities under the Company’s Global Share Plan: Number of share options Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value (US$) (In years) (US$) Outstanding as of April 1, 2016 148,864,966 0.03 8.73 17,810 Granted 54,021,775 0.29 Forfeited or cancelled (post-vesting) (12,104,011 ) 0.27 Outstanding as of April 1, 2017 190,782,730 0.09 8.15 60,728 Granted 470,000 1.10 Forfeited or cancelled (post-vesting) (7,847,720 ) 0.29 Outstanding as of March 31, 2018 183,405,010 0.08 6.78 107,465 Exercised (87,990,491 ) 0.01 Forfeited or cancelled (post-vesting) (3,872,425 ) 0.30 Outstanding as of March 31, 2019 91,542,094 0.14 Vested and expected to vest as of March 31, 2019 91,542,094 0.14 5.16 36,009 Exercisable as of March 31, 2019 81,792,426 0.12 4.36 33,696 The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the estimated fair value of the underlying stock at each reporting date. Share-based compensation expense is recorded on a straight-line basis over the requisite service period, which is generally four years from the date of grant. The Company recognized share-based compensation expenses of RMB20,738, RMB14,097 and RMB8,920 for share options granted under the Global Share Plan in the consolidated statements of comprehensive loss for the years ended March 31, 2017, 2018 and 2019, respectively. As of March 31, 2018 and 2019, there was RMB15,336 and RMB4,670 in total unrecognized compensation expense, related to unvested share options, which is expected to be recognized over a weighted average period of 1.89 and 1.12 years, respectively. The unrecognized compensation expense may be adjusted for future changes in actual forfeitures. In June 2018, Mr. Qi Chen, one of the Company’s co-founders, In January 2019, the Company accelerated the vesting of certain share options held by a resigned employee. The acceleration was granted as one-off compensation for the employee for the significant effort and contribution to the Company’s business and successful IPO. The Company recognized the incremental charge of RMB1,555 pursuant to the modification accounting during the year ended March 31, 2019. (b) Service-based RSUs A summary of activities of the service-based RSUs for the years ended March 31, 2017, 2018 and 2019 is presented below: Number of RSUs Weighted-Average Grant-Date Fair Value US$ Unvested at March 31, 2016 and 2017 — — Granted 5,335,560 0.45 Vested (93,500 ) 0.45 Forfeited (347,000 ) 0.45 Unvested at March 31, 2018 4,895,060 0.45 Granted 78,715,557 0.67 Vested (6,114,640 ) 0.63 Forfeited (9,212,850 ) 0.64 Unvested at March 31, 2018 68,283,127 0.66 For the years ended March 31, 2017, 2018 and 2019, total share-based compensation expenses recognized by the Group for the service-based RSUs granted were nil, RMB2,739 and RMB94,148, respectively. As of March 31, 2018 and 2019, there were RMB11,236 and RMB288,856 of unrecognized share-based compensation expenses related to the service-based RSUs granted which is expected to be recognized over a weighted-average period of 3.18 and 3.09 years. In January 2019, the Company accelerated the vesting of 4,775,750 RSUs. The acceleration was granted as one-off compensation for two employees for their significant efforts and contribution to the Company’s business and successful IPO. The Company recognized the incremental charge of RMB19,804, being the difference between the fair values of original and modified RSUs on the modification date with reference to the quoted market price of ordinary shares during the year ended March 31, 2019. The total fair value and intrinsic value of RSUs vested was nil, RMB93 and RMB3,197 during the years ended March 31, 2017, 2018 and 2019, respectively. |
Related Party Transactions and
Related Party Transactions and Balances | 12 Months Ended |
Mar. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions and Balances | 20 RELATED PARTY TRANSACTIONS AND BALANCES Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Parties are also considered to be related if they are subject to common control or common significant influence. Related parties may be individuals or corporate entities. The following entities are considered to be related parties to the Group: Name of related parties Relationship with the Group iSNOB An investee of the Group JM Weshop (Cayman) Inc. An investee of the Group Tencent Group* Shareholder of the Group Chen Qi Founder of the Group Wei Yibo Founder of the Group Yue Xuqiang Founder of the Group (a) iSNOB ceased to be the related party to the Group since May 2018 as the Company cannot exercise significant influence over iSNOB due to the further dilution of the Company’s equity interests in iSNOB resulting from its recent financing. (b) Tencent Holdings Limited together with its subsidiaries are referred to as Tencent Group. The Group had the following transactions with the major related parties: For the year ended March 31, 2017 2018 2019 RMB RMB RMB Revenues: Technology services to iSNOB — 600 — Marketing services to Tencent — — 1,081 Technology services to JM Weshop — 6,773 16,168 Total — 7,373 17,249 Other income: Equipment sales to JM Weshop — — 476 Cost of revenue: Cloud technology services from Tencent Group 4,749 27,796 51,940 Payment processing fees to Tencent Group 23,865 24,018 17,393 Total 28,614 51,814 69,333 In June 2018, Mr. Qi Chen, one of the Company’s co-founders, exercised 87,990,491 stock options with exercise price of US$0.01 each. In connection with the exercise of the stock option, the Company extended to Mr. Chen a loan with principal amount of RMB6,840 including exercise amount of RMB5,533 and related tax of RMB1,307. The loan is unsecured and interest free, and RMB6,236 and RMB604 have been repaid in September and October 2018, respectively. On July 18, 2018, pursuant to a share purchase agreement, the Company issued 157,047,506 convertible redeemable Series C-3 The Group had the following balances with the major related parties: As of March 31, 2018 2019 RMB RMB Due from JM Weshop 7,179 1,624 Due from Tencent Group — 165 Total 7,179 1,789 Due to Tencent Group (17,761 ) (9,393 ) Due to Chenqi (588 ) — Due to Wei Yibo (235 ) — Due to Yue Xuqiang (177 ) — Due to iSNOB (1,190 ) — Due to JM Weshop (152 ) — Total (20,103 ) (9,393 ) All balances with the related parties as of March 31, 2018 and 2019 were unsecured, interest free and had no fixed terms for repayment. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | 21 SEGMENT REPORTING The Group determined that it used to operate in two operating segments: (1) Cross-border business and (2) Domestic business. Cross-border business was terminated in December 2016 primarily because the Group decided to sharpen its focus on its current business model, and to a lesser extent, the operating conditions of the business. After the termination, there is only one operating segment in the Group. The Group derives the results of the segments directly from its internal management reporting system. The CODM measures the performance of each segment based on metrics of revenue and earnings from operations and uses these results to evaluate the performance of, and to allocate resources to, each of the segments. The Group does not allocate share-based compensation expenses to its segments, as the CODM does not use such information to allocate resources to or evaluate the performance of the operating segments. As most of the Group’s long-lived assets are located in the PRC and most of the Group’s revenues are derived from the PRC, no geographical information is presented. The table below provides a summary of the Group’s operating segments results for the year ended March 31, 2017. For the Year Ended Revenues Cross-border business 1,437 Domestic business 1,108,440 Total consolidated revenues 1,109,877 Operating loss Cross-border business (65,575 ) Domestic business (452,637 ) Total segment operating loss (518,212 ) Unallocated expenses(*) (553,129 ) Total consolidated operating loss (1,071,341 ) Total other income 24,514 Loss before income tax and share of results of equity investee (1,046,827 ) (*) Unallocated items include amortization expenses of intangible assets from acquired business, impairment of goodwill and intangible assets and share based compensation expenses. |
Loss Per Share
Loss Per Share | 12 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Loss Per Share | 22 LOSS PER SHARE Basic loss per share and diluted loss per share have been calculated in accordance with ASC 260 on computation of earnings per share for the years ended March 31, 2017, 2018 and 2019 as follows: Year ended March 31, 2017 2018 2019 RMB RMB RMB Numerator: Net loss (939,137 ) (558,169 ) (486,275 ) Accretion on convertible redeemable preferred shares (601,902 ) (688,240 ) (509,904 ) Deemed dividends to preferred shareholders — — (89,076 ) Net loss attributable to ordinary shareholders-Basic and Diluted (1,541,039 ) (1,246,409 ) (1,085,255 ) Denominator: Weighted average number of ordinary shares -basic and diluted 555,729,818 550,793,455 1,247,998,533 Basic and diluted loss per share (2.77 ) (2.26 ) (0.87 ) Basic loss per share is computed using the weighted average number of ordinary shares outstanding during the period. Diluted loss per share is computed using the weighted average number of ordinary shares and dilutive ordinary share equivalents outstanding during the period. The following ordinary share equivalents were excluded from the computation of diluted net loss per share for the periods presented to eliminate any anti-dilutive effect: Year ended March 31, 2017 2018 2019 Preferred Shares outstanding 1,662,179,444 1,667,342,650 — Convertible Redeemable Class B ordinary shares 90,491,694 90,491,694 — Share options and RSUs 116,596,800 152,905,974 99,267,557 Total 1,869,267,938 1,910,740,318 99,267,557 |
Restricted Net Assets
Restricted Net Assets | 12 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Restricted Net Assets | 23 RESTRICTED NET ASSETS Pursuant to laws applicable to entities incorporated in the PRC, the Group’s subsidiaries in the PRC must make appropriations from after-tax non-distributable year-end) In addition, due to restrictions on the distribution of share capital from the Group’s PRC subsidiaries and also as a result of these entities’ unreserved accumulated losses, total restrictions placed on the distribution of the Group’s PRC subsidiaries’ net assets was RMB4,621,582 as of March 31, 2019 (RMB4,329,843 as of March 31, 2018). |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 24 COMMITMENTS AND CONTINGENCIES (a) Operating lease and IT related expense The Group has entered into non-cancellable Future minimum payments under these non-cancellable Payments due by period Operating lease obligations IT related expenses Total RMB RMB RMB For the year ended March 31, 2020 27,398 4,712 32,110 2021 23,886 — 23,886 2022 19,580 — 19,580 Total 70,864 4,712 75,576 (b) Capital and other commitments There is no future minimum capital lease payments as of March 31, 2019. (c) Contingencies The Group is subject to legal proceedings and regulatory actions in the ordinary course of business. The results of such proceedings cannot be predicted with certainty, but the Group does not anticipate that the final outcome arising out of any such matter will have a material adverse effect on our consolidated financial position, cash flows or results of operations on an individual basis or in the aggregate. As of March 31, 2019, the Group is not a party to any material legal or administrative proceedings. The Group accounts for loss contingencies if both of the following conditions are met: a) Information available before the financial statements are issued or are available to be issued indicates that it is probable that an asset had been impaired or a liability had been incurred at the date of the financial statements; and b) The amount of loss can be reasonably estimated. As of March 31, 2019, the Group did not have significant loss contingencies. |
Parent Company Only Condensed F
Parent Company Only Condensed Financial Information | 12 Months Ended |
Mar. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent Company Only Condensed Financial Information | 25 PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION The Company performed a test on the restricted net assets of consolidated subsidiaries, VIEs and VIEs’ subsidiaries in accordance with SEC Regulation S-X 4-08 The subsidiaries did not pay any dividend to the Company for the years presented. Certain information and footnote disclosures generally included in financial statements prepared in accordance with U.S. GAAP have been condensed and omitted. The footnote disclosures contain supplemental information relating to the operations of the Company, as such, these statements should be read in conjunction with the notes to the consolidated financial statements of the Company. The Company did not have significant capital and other commitments, or guarantees as of March 31, 2019. CONDENSED BALANCE SHEETS As of March 31, 2018 2019 RMB RMB US$ Note 2(f) ASSETS Current assets: Cash and cash equivalents 300,753 510,226 76,026 Amounts due from subsidiaries 397,380 789,513 117,641 Prepayments and other current assets 670 5,090 758 Total current assets 698,803 1,304,829 194,425 Non-current Intangible assets, net — 988,188 147,245 Investments in subsidiaries, VIEs and VIEs’ subsidiaries 2,112,639 1,673,406 249,345 Investments in other investees 171,169 227,462 33,893 Total non-current 2,283,808 2,889,056 430,483 Total assets 2,982,611 4,193,885 624,908 LIABILITIES, MEZANNINE EQUITY AND SHAREHOLDERS’ (DEFICIT)/EQUITY Current liabilities: Amounts due to subsidiaries 86,165 87,842 13,089 Accruals and other current liabilities 13,272 51,167 7,624 Total current liabilities 99,437 139,009 20,713 Non-current Deferred tax liabilities 959 2,485 370 Other non-current — 4,722 704 Total non-current 959 7,207 1,074 Total liabilities 100,396 146,216 21,787 MEZZANINE EQUITY Convertible Redeemable Class B ordinary shares (US$0.00001 par value, 90,491,694 shares authorized, issued and outstanding as of March 31, 2018; nil issued and outstanding as of March 31, 2019) 140,255 — — Convertible redeemable Series A preferred share (US$0.00001 par value, 825,308,112 shares authorized, issued and outstanding as of March 31, 2018; nil issued and outstanding as of March 31, 2019) 1,455,962 — — Convertible redeemable Series B preferred share (US$0.00001 par value, 484,741,676 shares authorized, issued and outstanding as of March 31, 2018; nil issued and outstanding as of March 31, 2019) 3,148,579 — — Convertible redeemable Series C preferred share (US$0.00001 par value, 426,001,147 shares authorized, 357,292,862 shares issued and outstanding as of March 31, 2018; nil issued and outstanding as of March 31, 2019) 2,640,076 — — Total Mezzanine equity 7,384,872 — — SHAREHOLDERS’ (DEFICIT)/EQUITY Class A ordinary shares (US$0.00001 par value; 49,000,000,000 shares authorized as of March 31, 2019; 335,534,850 and 2,371,289,450 shares issued and outstanding as of March 31, 2018 and 2019) 21 161 23 Class B ordinary shares (US$0.00001 par value; 500,000,000 shares authorized as of March 31, 2019; nil and 303,234,004 shares issued and outstanding as of March 31, 2018 and 2019) — 16 2 Class C ordinary shares (US$0.00001 par value, 215,243,513 and nil shares issued and outstanding as of March 31, 2018 and 2019) 10 — — Additional paid-in — 9,392,737 1,399,561 Accumulated other comprehensive (loss)/income (3,650 ) 77,795 11,592 Accumulated deficit (4,499,038 ) (5,423,040 ) (808,057 ) Total shareholders’ (deficit)/equity (4,502,657 ) 4,047,669 603,121 Total liabilities, mezzanine equity and shareholders’ (deficit)/equity 2,982,611 4,193,885 624,908 CONDENSED STATEMENTS OF COMPREHENSIVE LOSS For the year ended March 31, 2017 2018 2019 RMB RMB RMB US$ Note 2(f) General and administrative expenses (2,435 ) (3,579 ) (5,431 ) (809 ) Amortization of intangible assets — — (82,436 ) (12,283 ) Other expense, net 88 (6,183 ) (1,098 ) (164 ) Loss from operations (2,347 ) (9,762 ) (88,965 ) (13,256 ) Interest income 8,136 8,146 7,532 1,122 Loss from subsidiaries, VIEs and VIEs’ subsidiaries (944,926 ) (723,790 ) (441,830 ) (65,837 ) Investment gain — 158,627 — — Gain form investment disposal — — 31,236 4,654 Gains on deconsolidation of a subsidiary — 13,592 — — Loss before income tax and share of results of equity investee (939,137 ) (553,187 ) (492,027 ) (73,317 ) Income tax benefits — — — — Share of results of equity investee — (4,982 ) 5,752 857 Net loss (939,137 ) (558,169 ) (486,275 ) (72,460 ) Accretion on convertible redeemable preferred shares to redemption value (601,902 ) (688,240 ) (509,904 ) (75,978 ) Deemed dividends to preferred shareholders — — (89,076 ) (13,273 ) Net loss attributable to MOGU Inc.’s ordinary shareholders (1,541,039 ) (1,246,409 ) (1,085,255 ) (161,711 ) Net Loss (939,137 ) (558,169 ) (486,275 ) (72,460 ) Other comprehensive income/(loss): Foreign currency translation adjustments, net of nil tax 96,010 (81,141 ) 55,440 8,261 Share of other comprehensive (loss)/gain of equity method investee — (2,124 ) 938 140 Share of other comprehensive income of subsidiaries, VIEs and VIEs’ subsidiaries, net of tax 1,000 7,928 (1,588 ) (237 ) Unrealized securities holding gains, net of tax — 2,938 26,655 3,972 Total other comprehensive income/(loss) 97,010 (72,399 ) 81,445 12,136 Total comprehensive loss (842,127 ) (630,568 ) (404,830 ) (60,324 ) CONDENSED STATEMENTS OF CASH FLOWS For the year ended March 31, 2017 2018 2019 RMB RMB RMB US$ Note 2(f) Net cash (used in)/provided by operating activities (26,547 ) (37,887 ) 8,240 1,227 Net cash used in investing activities (1,171,263 ) (106,922 ) (213,639 ) (31,833 ) Net cash provided by financing activities 192,142 — 414,872 61,818 Net (decrease)/increase in cash and cash equivalents (1,005,668 ) (144,809 ) 209,473 31,212 Cash and cash equivalents at beginning of year 1,451,230 445,562 300,753 44,814 Cash and cash equivalents at end of year 445,562 300,753 510,226 76,026 Basis of presentation The Company’s accounting policies are the same as the Group’s accounting policies with the exception of the accounting for the investments in subsidiaries, VIEs and VIEs’ subsidiaries. For the Company only condensed financial information, the Company records its investments in subsidiaries, VIEs and VIEs’ subsidiaries under the equity method of accounting as prescribed in ASC 323, Investments—Equity Method and Joint Ventures. Such investments are presented on the Condensed Balance Sheets as “Investments in subsidiaries, VIEs and VIEs’ subsidiaries” and shares in the subsidiaries, VIEs and VIEs’ subsidiaries’ loss are presented as “Equity in loss of subsidiaries, VIEs and VIEs’ subsidiaries” on the Condensed Statements of Operations and Comprehensive Loss. The parent company only condensed financial information should be read in conjunction with the Group’ consolidated financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | (a) Basis of presentation and consolidation The consolidated financial statements of the Group have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”). Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below. |
Principles of Consolidation | (b) Principles of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries, the consolidated VIEs and VIEs’ subsidiaries for which the Company is the ultimate primary beneficiary. Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors. A VIE is an entity in which the Company, or its subsidiaries, through Contractual Agreements, has the power to direct activities, bears the risks of, and enjoys the rewards normally associated with, ownership of the entity, and therefore the Company or its subsidiaries are the primary beneficiary of the entity. All transactions and balances among the Company, its subsidiaries, the consolidated VIEs and VIEs’ subsidiaries have been eliminated upon consolidation. |
Business Combination and Non-controlling Interests | (c) Business combination and non-controlling The Company accounts for its business combinations using the acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) 805 “Business Combinations.” The cost of an acquisition is measured as the aggregate of the acquisition date fair values of the assets transferred and liabilities incurred by the Company to the sellers and equity instruments issued. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets and liabilities acquired or assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any non-controlling non-controlling In a business combination achieved in stages, the Company re-measures re-measurement When there is a change in ownership interests or a change in contractual arrangements that results in a loss of control of a subsidiary or consolidated VIE, the Company deconsolidates the subsidiary or consolidated VIE from the date control is lost. Any retained non-controlling For the Company’s majority-owned subsidiaries, consolidated VIEs and VIEs’ subsidiaries, non-controlling Non-controlling |
Use of Estimates | (d) Use of estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent liabilities at the balance sheet date, and the reported revenues and expenses during the reported period in the consolidated financial statements and accompanying notes. Significant accounting estimates are used for, but not limited to, refund of commission due to sales return, volume refund of commission, the valuation and recognition of share-based compensation arrangements, fair value of assets and liabilities acquired in business combinations and available-for-sale |
Foreign Currency Translation | (e) Foreign currency translation The Group’s reporting currency is Renminbi (“RMB”). The functional currency of the Group’s entities incorporated in Cayman Islands and Hong Kong, China (“HK”) is the United States dollars (“US$”). The Group’s PRC subsidiaries, consolidated VIEs and VIEs’ subsidiaries determined their functional currency to be RMB. The determination of the respective functional currency is based on the criteria of ASC 830, Foreign Currency Matters. Transactions denominated in currencies other than functional currency are translated into functional currency at the exchange rates quoted by authoritative banks prevailing at the dates of the transactions. Exchange gains and losses resulting from those foreign currency transactions denominated in a currency other than the functional currency are recorded as a component of Other (expense)/income, net in the Consolidated Statements of Operations and Comprehensive Loss. Total exchange gains/(losses) were a loss of RMB7,892, a gain of RMB8,805 and a loss of RMB7,068 for the years ended March 31, 2017, 2018 and 2019, respectively. The financial statements of the Group entities that use US$ as functional currency are translated from the functional currency into RMB for preparation of consolidated financial statements of the Group. Assets and liabilities denominated in foreign currencies are translated into RMB using the applicable exchange rates at the balance sheet date. Equity accounts other than earnings generated in current period are translated into RMB at the appropriate historical rates. Revenues, expenses, gains and losses are translated into RMB using the periodic average exchange rates. The resulting foreign currency translation adjustments are recorded in accumulated other comprehensive income/(loss) as a component of shareholders’ equity. Total foreign currency translation adjustments to the Group’s other comprehensive income/(loss) were a gain of RMB96,010, a loss of RMB81,141 and a gain of RMB55,440 for the years ended March 31, 2017, 2018 and 2019, respectively. |
Convenience Translation | (f) Convenience translation Translations of the Consolidated Balance Sheets, the Consolidated Statements of Operations and Comprehensive Loss and the Consolidated Statements of Cash Flows from RMB into US$ as of and for the year ended March 31, 2019 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB6.7112, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on March 29, 2019. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on March 31, 2019, or at any other rate. |
Fair Value Measurement | (g) Fair value measurement Financial instruments Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities measured at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value: • Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. • Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical asset or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. • Level 3 applies to asset or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. Accounting guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. The Company’s financial instruments include cash and cash equivalents, short-term investments, loan receivables, prepayments and other current assets, amounts due from related parties, accounts payable, amounts due to related parties and accruals and other current liabilities. The carrying amounts of loan receivables, prepayments and other current assets, accounts payable and accruals and other current liabilities approximate their fair value due to their relatively short maturity. |
Cash and Cash Equivalents | (h) Cash and cash equivalents Cash and cash equivalents consist of cash on hand, deposits held by financial institutions as well as highly liquid investments, which have original maturities of three months or less and are readily convertible to known amount of cash. |
Restricted Cash | (i) Restricted cash Cash that is restricted as to withdrawal or for use or pledged as security is reported separately on the Consolidated Balance Sheets. The Group’s restricted cash mainly represents deposits held in designated bank accounts as security for payment processing. The restricted cash with the collection period within one year are classified as current assets in the Consolidated Balance Sheets. Restricted cash is included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the Consolidated Statement of Cash Flows. |
Short-term Investments | (j) Short-term investments Short-term investments are comprised of time deposits placed with banks with original maturities longer than three months but less than one year, and investments in wealth management products issued by banks or other financial institutions, primarily with the pre-agreed fixed interest rate and with original maturities within one year. Such investments are generally not permitted to be redeemed early or are subject to penalties for redemption prior to maturity. These investments are stated at fair value. Changes in the fair value are reflected in the Consolidation Statement of Operations and Comprehensive Loss. |
Loan Receivables, Net | (k) Loan receivables, net Loan receivables represent the funds extended by the Group to qualified merchants and users through its factoring arrangements. The loan periods generally range from 1 month to 12 months. The loan receivables are measured at amortized cost and net of allowance for doubtful accounts. The Group considers many factors in assessing the collectability of its loan receivable, such as the age of the amounts due, the payment history, creditworthiness and financial conditions of the borrowers, to determine the allowance percentage of the overdue balances. The Group adjusts the allowance balance periodically when there are significant differences between estimated and actual bad debts. An allowance for doubtful accounts is recorded in the period in which a loss is determined probable. If the loan receivable with allowance for doubtful accounts is subsequently collected, the previously recognized allowance for doubtful accounts is reversed. The amount of reversal is recognized in the Consolidated Statements of Operations and Comprehensive Loss. |
Inventories, Net | (l) Inventories, net Inventories, consisting of products available for sale, are stated at the lower of cost and net realizable value. Cost of inventory is determined using the weighted average cost method. Adjustments are recorded to write down the cost of inventory to the estimated net realizable value due to slow-moving merchandise and damaged goods, which is dependent upon factors such as historical and forecasted consumer demand, and promotional environment. The Group takes ownership, risks and rewards of the products purchased. Write downs of RMB2,040, RMB2,202 and nil are recorded in cost of revenues in the Consolidated Statements of Operations and Comprehensive Loss for the years ended March 31, 2017, 2018 and 2019, respectively. |
Property, Equipment and Software, Net | (m) Property, equipment and software, net Property, equipment and software are stated at cost less accumulated depreciation and impairment. Property, equipment and software are depreciated at rates sufficient to write off their costs less impairment and residual value, if any, over the estimated useful lives on a straight-line basis. The estimated useful lives are as follows: Electronic equipment 3 years Furniture and office equipment 5 years Computer software 3-10 years Vehicles 5 years Leasehold improvements Shorter of the expected use life or the lease term Repairs and maintenance costs are charged to expenses as incurred. Retirements, sales and disposals of assets are recorded by removing the costs, accumulated depreciation and impairment with any resulting gain or loss recognized in the Consolidated Statements of Operations and Comprehensive Loss. |
Intangible Assets, Net | (n) Intangible assets, net Intangible assets purchased from third parties are initially recorded at cost. The Group performs valuation of the intangible assets arising from business combination to determine the relative fair value to be assigned to each asset acquired. The intangible assets are amortized using the straight-line approach over the estimated economic useful lives of the assets. The estimated useful lives of intangible assets are as follows: Domain name 5-20 years Trademarks 10 years Insurance agency license 20 years Buyer and customer relationship 2 years Brand 2-8 years Technology 2-3 Strategic business resources 3-5 years |
Goodwill | (o) Goodwill Goodwill represents the excess of the purchase price over the fair value of the identifiable assets and liabilities acquired in a business combination. Goodwill is not depreciated or amortized but is tested for impairment on an annual basis as of March 31, and in between annual tests when an event occurs or circumstances change that could indicate that the asset might be impaired. In accordance with the FASB guidance on “Testing of Goodwill for Impairment” a company first has the option to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the company decides, as a result of its qualitative assessment, that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is mandatory. Otherwise, no further testing is required. The quantitative impairment test consists of a comparison of the fair value of each reporting unit with its carrying amount, including goodwill. If the carrying amount of each reporting unit exceeds its fair value, an impairment loss equal to the difference between the implied fair value of the reporting unit’s goodwill and the carrying amount of goodwill will be recorded. Application of a goodwill impairment test requires significant management judgment, including the identification of reporting units, assigning assets and liabilities to reporting units, assigning goodwill to reporting units, and determining the fair value of each reporting unit. The judgment in estimating the fair value of reporting units includes estimating future cash flows, determining appropriate discount rates and making other assumptions. Changes in these estimates and assumptions could materially affect the determination of fair value for each reporting unit. |
Investments | (p) Investments The Group’s investments include equity method investment and available-for-sale The Group has investments in privately held companies. The Group applies the equity method of accounting to account for an equity investment, in common stock or in-substance An investment in in-substance Under the equity method, the Group’s share of the post-acquisition profits or losses of the equity investee are recorded in share of results of equity investee in the Consolidated Statements of Operations and Comprehensive Loss and its share at post-acquisition movements in accumulated other comprehensive income in relation to foreign currency translation adjustment is recognized in shareholders’ equity. The excess of the carrying amount of the investment over the underlying equity in net assets of the equity investee represents goodwill and intangible assets acquired. When the Group’s share of losses in the equity investee equals or exceeds its interest in the equity investee, the Group does not recognize further losses, unless the Group has incurred obligations or made payments or guarantees on behalf of the equity investee. For other equity investments with no readily determinable fair values and over which the Group has neither significant influence nor control through investments in common stock or in-substance Investments in debt securities, and investments in equity securities that have readily determinable fair value, are accounted for as available-for-sale Currently, the maturities for debt securities the Group held are longer than 12 months and the Company does not expect to convert securities to cash within one year. The Group continually reviews its investments to determine whether a decline in fair value to below the carrying value is other-than-temporary. The primary factors the Group considers in its determination are the duration and severity of the decline in fair value; the financial condition, operating performance and the prospects of the equity investee; and other company specific information such as recent financing rounds. If the decline in fair value is deemed to be other-than-temporary, the carrying value of the investment is written down to fair value. |
Impairment of Long-lived Assets | (q) Impairment of long-lived assets Long-lived assets are evaluated for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be fully recoverable or that the useful life is shorter than the Group had originally estimated. When these events occur, the Group evaluates the impairment for the long-lived assets by comparing the carrying value of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets, the Group recognizes an impairment loss based on the excess of the carrying value of the assets over the fair value of the assets. |
Revenue Recognition | (r) Revenue recognition The Group adopted ASC Topic 606, “Revenue from Contracts with Customers” for all periods presented. Consistent with the criteria of Topic 606, the Group recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to receive in exchange for those goods or services. To achieve that core principle, the Group applies five steps defined under Topic 606. The Group assesses its revenue arrangements against specific criteria in order to determine if it is acting as principal or agent. Revenue arrangements with multiple performance obligations are divided into separate units of accounting. The Group allocates the transaction price to each performance obligation based on the relative standalone selling price of the goods or services provided. Revenue is recognized upon transfer of control of promised goods or services to a customer. Revenue is recorded net of value-added-tax. Revenue recognition policies for each type of revenue stream are analyzed as follows: Commission revenues The Group operates its online platform as a marketplace for merchants to sell their merchandise to the users and also provides integrated platform-wide services. When the transactions are completed on the Group’s platform, the Group charges merchants commissions at their respective agreed percentage of the amount of merchandise sold by merchants. The Group identifies that the services to enable the successful transaction of the merchandise on the Group’s marketplace and the integrated services to promote the merchandise are separate performance obligations. The Group applies the practical expedient that allocates the commission revenues for the integrated services to the respective day on which the Group has the right to invoice. The Group does not control the underlying merchandise provided by merchants before they are transferred to users, as the Group is not responsible for fulfilling the promise to provide the merchandise to users and has no inventory risk before the merchandise are transferred to the users or after the control is transferred to the users. In addition, the Group has no discretion in establishing prices of the merchandise provided by merchants. Revenues are recognized on a net basis to the extent of the commission the Group earns at the point of users’ acceptance of merchandise. Commission fees are refundable if and when users return the merchandise to merchants and the refund is recognized as variable consideration. The Group determines the amount of consideration to which the Group expects to be entitled subject to constraint that it is probable that a significant reversal in the cumulative amount of revenue recognized will not occur when the uncertainty is resolved. The Group recognizes the amounts received for which the Group does not expect to be entitled as a refund liability when it transfers service to merchants. At the end of each reporting period, the Group updates its assessment of amounts for which it expects to be entitled in exchange for the transferred services and makes a corresponding change to the amount of commission revenue recognized. The Group also offers volume refund to the merchants based on the accumulative sales amount they generate in the Group’s marketplace during a certain period. Within a certain period, should the total sales amount generated by a merchant reaches a pre-agreed Marketing services revenues The Group provides marketing services to merchants and brand partners that help them promote their products in designated areas on the Group’s platform directly or via social network platforms over particular periods of time that will then divert users back to the Group’s platform. Such service revenues are charged at fixed prices or at prices established through the Group’s online auction system. In general, merchants and brand partners need to prepay for the marketing services. Revenue is recognized ratably over the period during which the content is displayed, or when the content or offerings are clicked or viewed, or when an underlying sales transaction is completed by a merchant. Other revenues Other revenues are mainly comprised of the revenues from financing solutions, online direct sales and other services. Financing solutions include loans to users and merchants through factoring arrangements. The Group extends loans to users by purchasing merchants’ receivables from respective users without recourse and charges a service fee to users based on the principal and repayment terms. The Group also extends loans to merchants by purchasing their accounts receivables from users with recourse and charges a service fee to merchants based on the principal. The Group records loan receivables when the cash is advanced to the users or merchants. The service fees are recognized over the term of loans. Financing solutions also include the services to facilitate the financial institutions to provide loans to merchants and users through the Group’s online platform and services to manage repayments. The service fees are charged to the borrowers based on agreed rates of the principal and are allocated between facilitation service and repayment management service in the same transaction based on the relative standalone selling price of each. Revenue is recognized when the fund is drawn down by the borrowers for the facilitation service or over the financing period on a straight-line basis for the repayment management service. The Group also sells certain merchandise products through online direct sales. The Group recognizes the product revenues from the online direct sales on a gross basis as the Group is primarily obligated in these transactions, is subject to inventory risk, has latitude in establishing prices and selecting suppliers, or has met several but not all of these indicators. The Group recognizes online direct sales revenue net of discounts and return allowance when the merchandise products are delivered and control passes to users. Return allowances, which reduce net revenues, are estimated based on historical experiences. Other services primarily comprise (i) technology development, support and consulting services to related parties and third parties, (ii) service fees received from insurance companies, and (iii) logistic services to merchants. Revenue is recognized when the services are rendered. Remaining performance obligations Revenue allocated to remaining performance obligations represents that portion of the overall transaction price that has been received (or for which the Group has an unconditional right to payment) allocated to performance obligations that the Group has not yet fulfilled, which is presented as deferred revenue that has not yet been recognized. As of March 31, 2019, the aggregate amount of the transaction price allocated to remaining performance obligations was nil as the Group has settled all volume refund to the merchants as of March 31, 2019. |
User Incentives | (s) User incentives In order to promote its online platform and attract more registered users, from time to time, the Group at its own discretion issues vouchers in various forms to users without any concurrent transactions in place or any substantive action needed from the recipient. These vouchers can be used in purchase of goods in a broad range of merchants as an immediate discount of their next purchase, some of which can only be used when the purchase amount exceeds pre-defined |
Cost of Revenue | (t) Cost of revenue Cost of revenue comprises primarily of payroll costs including share-based compensation expenses, information technology related expenses, payment handling costs, depreciation expenses, rental expenses, warehousing and logistic expenses and other costs. |
Sales and Marketing Expenses | (u) Sales and marketing expenses Sales and marketing expenses comprise primarily of promotion expenses, payroll costs including share-based compensation expenses, depreciation expenses and other daily expenses which are related to the sales and marketing departments. |
Research and Development Expenses | (v) Research and development expenses Research and development expenses are expensed as incurred and primarily consist of staff costs including share-based compensation expenses, rental expenses and other expenses. The Company expenses all costs that are incurred in connection with the planning and implementation phases of development and costs that are associated with repair or maintenance of the existing websites and mobile applications or the development of software, mobile application and website content. |
General and Administrative Expenses | (w) General and administrative expenses General and administrative expenses consist of staff costs including share-based compensation expenses and related expenses for employees involved in general corporate functions, including accounting, finance, tax, legal and human relations; and costs associated with use by these functions of facilities and equipment, such as depreciation expenses, rental and other general corporate related expenses. |
Government Grants | (x) Government grants Government grants represent cash subsidies received from PRC government. Cash subsidies which have no defined rules and regulations to govern the criteria necessary for companies to enjoy the benefits are recognized as other income when received. Total government grants received were RMB9,236, RMB2,646 and RMB13,430 for the years ended March 31, 2017, 2018 and 2019, respectively. |
Operating Leases | (y) Operating leases Leases where substantially all the rewards and risks of ownership of assets remain with the lessor are accounted for as operating leases. The Group leases office space under operating lease agreements with initial lease term up to three years. Rental expense is recognized from the date of initial possession of the leased property on a straight-line basis over the term of the lease. Certain lease agreements contain rent holidays, which are recognized on a straight-line basis over the lease term. Lease renewal periods are considered on a lease-by-lease The Group has no capital leases during the periods presented. |
Share-based Compensation | (z) Share-based compensation The Company grants restricted share units (“RSUs”) and share options of the Company to eligible employees, non-employee 505-50 Non-Employees. Employees’ share-based awards are measured at the grant date fair value of the awards and recognized as expenses a) immediately at grant date if no vesting conditions are required; or b) using the straight-line method, net of actual forfeitures, over the requisite service period, which is the vesting period. All transactions in which goods or services are received in exchange for equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. Non-employees’ non-employees re-measured Before IPO, the fair value of the RSUs was assessed using the income approach/discounted cash flow method, with a discount for lack of marketability given that the shares underlying the awards were not publicly traded at the time of grant. This assessment required complex and subjective judgments regarding the Company’s projected financial and operating results, its unique business risks, the liquidity of its ordinary shares and its operating history and prospects at the time the grants were made. After IPO, the fair value of the RSUs is determined based on the quoted market price of ordinary shares on the grant date. In addition, the binomial option-pricing model is used to measure the value of share options. The determination of the fair value of share options is affected by the fair value of the ordinary shares as well as assumptions regarding a number of complex and subjective variables, including the expected share price volatility, actual and projected employee and nonemployee share option exercise behavior, risk-free interest rates and expected dividend yield. Binomial option-pricing model incorporates the assumptions about grantees’ future exercise patterns. The fair value of these awards was determined with the assistance from an independent valuation firm using management’s estimates and assumptions. The assumptions used in share-based compensation expense recognition represent management’s best estimates, but these estimates involve inherent uncertainties and application of management judgment. If factors change or different assumptions are used, the share-based compensation expenses could be materially different for any period. Moreover, the estimates of fair value of the awards are not intended to predict actual future events or the value that ultimately will be realized by grantees who receive share-based awards, and subsequent events are not indicative of the reasonableness of the original estimates of fair value made by the Company for accounting purposes. In accordance with ASU 2016-09, According to ASC 718, a change in any of the terms or conditions of RSUs or share options shall be accounted for as a modification of the plan. Therefore, the Group calculates incremental compensation cost of a modification as the excess of the fair value of the modified RSUs or share options over the fair value of the original RSUs or share options immediately before their terms are modified, measured based on the share price and other pertinent factors at the modification date. For vested RSUs or share options, the Group would recognize incremental compensation cost in the period the modification occurs and for unvested RSUs or share options, the Group would recognize, over the remaining requisite service period, the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original awards on the modification date. |
Employee Benefits | (aa) Employee benefits Full time employees of the Group in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to the employees. Chinese labor regulations require that the PRC subsidiaries and VIEs of the Group make contributions to the government for these benefits based on certain percentages of the employees’ salaries, up to a maximum amount specified by the local government. The Group has no legal obligation for the benefits beyond the contributions made. The total amounts for such employee benefit expenses, which were expensed as incurred, were approximately RMB144,059, RMB101,615 and RMB76,252 for the years ended March 31, 2017, 2018 and 2019, respectively. |
Taxation | (bb) Taxation Income taxes Current income taxes are provided on the basis of income/(loss) for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Deferred income taxes are provided using the liability method. Under this method, deferred income taxes are recognized for the tax consequences of temporary differences by applying enacted statutory rates applicable to future years to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. The tax base of an asset or liability is the amount attributed to that asset or liability for tax purposes. The effect on deferred taxes of a change in tax rates is recognized in the Consolidated Statements of Operations and Comprehensive Loss in the period of change. A valuation allowance is provided to reduce the amount of deferred tax assets if it is considered more likely than not that some portion of, or all of the deferred tax assets will not be realized. Deferred income taxes are classified as non-current Uncertain tax positions The Group recognizes a tax benefit associated with an uncertain tax position when, in its judgment, it is more likely than not that the position will be sustained upon examination by a taxing authority. For a tax position that meets the-more-likely-than-not |
Statutory Reserves | (cc) Statutory reserves In accordance with China’s Company Laws, the Company’s consolidated VIEs and VIEs’ subsidiaries in PRC must make appropriations from their after-tax non-distributable after-tax Pursuant to the laws applicable to China’s Foreign Investment Enterprises, the Company’s subsidiary that is a foreign investment enterprise in China have to make appropriations from their after-tax The Group has made RMB773, RMB1,067 and RMB496 appropriations to statutory surplus fund and other reserve funds for Hangzhou Juandou and Shanghai Shiqu for the years ended March 31, 2017, 2018 and 2019, respectively. The Company’s other subsidiaries and consolidated VIEs and VIEs’ subsidiaries in China were in accumulated loss position. |
Comprehensive Income/(Loss) | (dd) Comprehensive income/(loss) Comprehensive income/(loss) is defined as the change in equity of a company during a period from transactions and other events and circumstances excluding those resulting from investments by shareholders and distributions to shareholders. The Group recognizes foreign currency translation adjustments as other comprehensive income/(loss) in the Consolidated Statements of Operations and Comprehensive Loss. As such adjustments relate to subsidiaries for which the functional currency is not RMB and which do not incur income tax obligations, there are no tax adjustments to arrive at other comprehensive income/(loss) on a net of tax basis. |
Net Income/(Loss) Per Share | (ee) Net income/(loss) per share Basic net income/(loss) per share is computed by dividing net income/(loss) attributable to holders of ordinary shares, by the weighted average number of ordinary shares outstanding during the period using the two class method. Using the two class method, net income is allocated between ordinary shares and other participating securities (i.e. preferred shares) based on their participating rights. Net loss is not allocated to other participating securities if based on their contractual terms they are not obligated to share in the losses. Diluted net income/(loss) per share is calculated by dividing net income/(loss) attributable to ordinary shareholders, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of ordinary shares issuable upon the exercise of outstanding share options using the treasury stock method. Ordinary equivalent shares are not included in the denominator of the diluted earnings per share calculation when inclusion of such shares would be anti-dilutive. |
Segment Reporting | (ff) Segment reporting Operating segments are defined as components of an enterprise engaging in businesses activities for which separate financial information is available that is regularly evaluated by the Group’s chief operating decision makers (“CODM”) in deciding how to allocate resources and assess performance. The Group’s CODM has been identified as the Chief Executive Officer. The Group’s CODM only reviews consolidated results including revenue and operating loss at a consolidated level only. This resulted in only one operating and reportable segment in the Group. The Group’s long-lived assets are substantially all located in the PRC and substantially all the Group’s revenues are derived from within the PRC, therefore, no geographical segments are presented. |
Recent Accounting Pronouncements | (gg) Recent accounting pronouncements In January 2016, the FASB issued ASU No. 2016-01 825-10) non-operating not-for-profit non-public In February 2016, the FASB issued ASU 2016-02, right-of-use 2016-02 right-of-use In June 2016, the FASB amended guidance related to the impairment of financial instruments as part of ASU 2016-13, not-for-profit In August 2016, the FASB issued ASU 2016-15, 2016-15 non-public In January 2017, the FASB issued ASU No. 2017-04 not-for-profit |
Organization and Principal Ac_2
Organization and Principal Activities (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Major Subsidiaries, Consolidated VIEs and VIE's Subsidiaries | As of March 31, 2019, the Company’s major subsidiaries, consolidated VIEs and VIE’s subsidiaries are as follows: Equity interest held Place and date of incorporation Subsidiaries: Meili Group Limited 100 % Hong Kong, China Hangzhou Shiqu 100 % Hangzhou, China Meilishuo (Beijing) Network Technology Co., Ltd. 100 % Beijing, China Place and date of incorporation Consolidated VIEs: Hangzhou Juangua Hangzhou, China Beijing Meilishikong Network and Technology Co., Ltd. (Note 3(a)) Beijing, China |
Schedule of Amounts and Balances of VIEs Included in Consolidated Financial Statements With Intercompany Transactions Eliminated | The following table sets forth the assets, liabilities, results of operations and changes in cash and cash equivalents of the consolidated VIEs and their subsidiaries taken as a whole, which were included in the Group’s consolidated financial statements with intercompany transactions eliminated: As of March 31, 2018 2019 RMB RMB Cash and cash equivalents 394,734 191,145 Restricted cash 1,004 1,006 Short-term investments 50,000 70,000 Inventories, net 110 70 Loan receivables, net 104,247 120,901 Prepayments and other current assets 103,780 84,414 Amounts due from non-VIE 497,119 303,329 Amounts due from related parties — 397 Property, equipment and software, net 3,759 2,028 Intangible assets, net 3,344 2,986 Goodwill 928 928 Investments 15,847 14,259 Total assets 1,174,872 791,463 As of March 31, 2018 2019 RMB RMB Amounts due to non-VIE 1,386,202 1,161,070 Accounts payable 439 725 Salaries and welfare payable 4,591 939 Advances from customers 26 28 Taxes payable 1,613 1,367 Amounts due to related parties — 1,085 Accruals and other current liabilities 520,355 325,473 Total liabilities 1,913,226 1,490,687 Year ended March 31, 201 2018 2019 RMB RMB RMB Total revenues 978,215 407,851 150,228 Cost of revenues (129,268 ) (112,692 ) (87,562 ) Net (loss)/profit (232,088 ) (25,729 ) 5,565 Year ended March 31, 2017 2018 2019 RMB RMB RMB Net cash used in by operating activities (36,347 ) (9,099 ) (165,708 ) Net cash (used in)/provided by investing activities (178,288 ) 94,389 (39,369 ) Net cash provided by financing activities 9,000 — 1,490 Net (decrease)/increase in cash and cash equivalents and restricted cash (205,635 ) 85,290 (203,587 ) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives | The estimated useful lives are as follows: Electronic equipment 3 years Furniture and office equipment 5 years Computer software 3-10 years Vehicles 5 years Leasehold improvements Shorter of the expected use life or the lease term |
Schedule of Estimated Useful Lives of Intangible Assets | The estimated useful lives of intangible assets are as follows: Domain name 5-20 years Trademarks 10 years Insurance agency license 20 years Buyer and customer relationship 2 years Brand 2-8 years Technology 2-3 Strategic business resources 3-5 years |
Other Revenues (Tables)
Other Revenues (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Text Block [Abstract] | |
Summary of Other Revenues by Type of Service | Other revenues by type of service is as follows: For the year ended March 31, 2017 2018 2019 RMB RMB RMB Online direct sales 3,746 16,948 62,114 Financing solutions 14,723 23,293 49,076 Technology services 1,499 18,645 38,963 Others 24,301 21,378 20,650 Total 44,269 80,264 170,803 |
Other (Expenses)_Income, Net (T
Other (Expenses)/Income, Net (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Other Income and Expenses [Abstract] | |
Summary of Other (Expenses)/Income, Net | For the year ended March 31, 2017 2018 2019 RMB RMB RMB Government grants 9,236 2,646 13,430 (Losses)/Gains on disposal of property and equipment (1,922 ) 11,043 772 Exchange (losses)/gain (7,892 ) 8,805 (7,068 ) Compensation cost on rental contracts termination (15,448 ) — — Others (1,403 ) (3,533 ) 1,627 Total (17,429 ) 18,961 8,761 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Assets Measured at Fair Value on Recurring Basis | As of March 31, 2018 and 2019, the Group’s assets and liabilities that are measured or disclosed at fair value on a recurring basis in periods subsequent to their initial recognition is as follows: Fair value measurement at reporting date using Description Fair value as of March 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) RMB RMB RMB RMB Assets: Short-term investments 130,000 — 130,000 — Available-for-sale 50,636 — — 50,636 Total assets 180,636 — 130,000 50,636 Fair value measurement at reporting date using Description Fair value as of March 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) RMB RMB RMB RMB Assets: Short-term investments 212,000 — 212,000 — Available-for-sale 72,459 — — 72,459 Total assets 284,459 — 212,000 72,459 |
Schedule of Roll Forward of Major Level 3 Investments | The roll forward of major Level 3 investments are as following: Kuailaimai iSNOB Huzan Total RMB RMB RMB RMB Fair value of Level 3 investments as at March 31, 2016 9,935 — — 9,935 The change in fair value of the investment 1,000 — — 1,000 Fair value of Level 3 investments as at March 31, 2017 10,935 — — 10,935 Addition — 18,000 10,000 28,000 Effect of currency translation adjustment — (1,129 ) — (1,129 ) The change in fair value of the investment 4,912 3,897 4,021 12,830 Fair value of Level 3 investments as at March 31, 2018 15,847 20,768 14,021 50,636 Disposal* — — (13,658 ) (13,658 ) Effect of currency translation adjustment — 1,470 (919 ) 551 The change in fair value of the investment (1,588 ) 16,140 20,378 34,930 Fair value of Level 3 investments as at March 31, 2019 14,259 38,378 19,822 72,459 * This included reclassification adjustment of the unrealized security holding gains of RMB9,393 in connection with the disposed portion as of the disposal date for gains included in net loss. |
Schedule of Significant Unobservable Inputs Adopted in Valuation of Fair Value Assets | The significant unobservable inputs adopted in the valuation as of March 31, 2018 and 2019 are as following: For the years ended March 31, 2017 2018 2019 Lack of marketability discount 30 % 30 % 30 % Risk-free rate 3.06 % 2.57%-3.74 % 2.25%-2.60 % Expected volatility 41.9 % 40%-43.34 % 45%-52.68 % Revenue multiple 2.52 2.68 2.80-18.74 Net profit multiple — — 21.23 |
Loan Receivables (Tables)
Loan Receivables (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Schedule of Loan Receivables, Net | As of March 31, 2018 2019 RMB RMB Loan receivables - principals 104,286 123,489 - service fee 1,183 2,045 Allowance for doubtful accounts (1,222 ) (4,633 ) Loan receivables, net 104,247 120,901 |
Schedule of Allowance for Doubtful Accounts Movement | Allowance for doubtful accounts movement For the year ended March 31, 2017 2018 2019 RMB RMB RMB Balance at beginning of year (142 ) (251 ) (1,222 ) Additions (337 ) (1,220 ) (3,754 ) Reversals 228 196 343 Write-offs — 53 — Balance at end of year (251 ) (1,222 ) (4,633 ) |
Prepayments and Other Current_2
Prepayments and Other Current Assets (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Text Block [Abstract] | |
Schedule of Prepaid Expense and Other Current Assets | Prepayments and other current assets consist of the following: As of March 31, 2018 2019 RMB RMB Receivables from third-party payment service providers (1) 87,395 84,638 Prepaid promotion fees 7,053 18,386 Other prepaid expenses 14,474 14,263 VAT receivables 50,893 13,194 Receivables of technology service 2,355 12,692 Deposits 21,387 5,325 Interest receivable 1,433 2,436 Employee loans and advances 428 948 Others 3,444 9,367 188,862 161,249 (1) Receivables from third party payment service providers represent cash due from the Group’s third party on-line |
Deconsolidation of a Subsidia_2
Deconsolidation of a Subsidiary (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Text Block [Abstract] | |
Schedule of Deconsolidation of Subsidiary | The Company used the latest financing price of iSNOB to measure the fair value of retained interest in iSNOB at the deconsolidation date and recognized a gain of deconsolidation of a subsidiary in the Consolidated Statements of Operations and Comprehensive Loss as follows: RMB Receivables of the Company due from iSNOB as of October 31, 2017 1,968 Proportionate share of iSNOB’s net assets as of October 31, 2017 1,250 Cash consideration 1,190 Total consideration 4,408 Fair value of investment in iSNOB 18,000 Gain on deconsolidation of a subsidiary 13,592 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Summary of Long Term Investments | The Company’s long-term investments consist of the following: As of March 31, 2018 2019 RMB RMB Available-for-sale Shanghai Kuailaimai Information and Technology Co., Ltd. (“Kuailaimai”) 15,847 14,259 iSNOB 20,768 38,378 Huzan Inc. (“Huzan”) 14,021 19,822 50,636 72,459 Equity method investment JM Weshop (Cayman) Inc. (“JM Weshop”) 150,401 169,262 Total 201,037 241,721 |
Schedule of Available-for-sale Investments | The following table summarizes, by major security type, the Company’s available-for-sale As of March 31, 2017 2018 2019 RMB RMB RMB Cost 7,500 35,500 31,235 Unrealized Gains, including foreign exchange adjustment 3,435 15,136 41,224 Fair Value 10,935 50,636 72,459 |
Summary of Gain from Investment Disposal | The Company recognized a “Gain from investment disposal” of RMB31,236 in the Consolidated Statements of Operations and Comprehensive loss as follows: RMB Cash consideration collected 35,501 Less: Carrying value of investment as at November 20, 2018 (13,658 ) Add: Realized gain in other comprehensive income 9,393 Gain from investment disposal 31,236 |
JM Weshop (Cayman) Inc. | |
Summary of the Carrying Amount for the Investment | The carrying amount for the investment in JM Weshop as of March 31, 2018 and 2019 were as follows: As of March 31, 2018 2019 RMB RMB Investment cost 158,627 159,711 Foreign currency translation (1,179 ) 8,425 Total investment cost 157,448 168,136 Value booked under equity method Share of cumulative (loss)/gain (4,923 ) 2,312 Share of other comprehensive loss (2,124 ) (1,186 ) Total booked value under equity method (7,047 ) 1,126 Net book value 150,401 169,262 |
Schedule of Assumptions Used | The key assumptions adopted in the valuation as of March 1, 2018 are as following: As of March 1, 2018 Revenue growth rate 10% - 200 % Gross margin rate (20)% - 53.5 % Discount rate 26 % |
Schedule of Equity Method Investments Disclosure | Investment in JM Weshop is accounted for using the equity method with the investment cost allocated as follows: As of March 31, 2018 2019 RMB RMB Carrying value of investment in JM Weshop’s 150,401 169,262 Proportionate share of JM Weshop’s net tangible and intangible assets 102,127 116,379 Excess of carrying value of the investment over proportionate share of JM Weshop’s net tangible and intangible assets 48,274 52,883 The excess of carrying value has been primarily assigned to: Goodwill 48,274 52,883 Cumulative (loss)/gain in equity interest in JM Weshop (4,923 ) 2,312 Cumulative other comprehensive loss in equity interest in JM Weshop (2,124 ) (1,186 ) Total (7,047 ) 1,126 |
Property, Equipment and Softw_2
Property, Equipment and Software, Net (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Equipment and Software | Property, equipment and software consist of the following: As of March 31, 2018 2019 RMB RMB Electronic equipment 45,198 32,756 Furniture and office equipment 12,463 9,326 Leasehold improvements 22,995 27,969 Vehicles 307 307 Computer softwares 3,651 3,808 Subtotal 84,614 74,166 Less: Accumulated depreciation and amortization (68,103 ) (62,191 ) Property, equipment and software, net 16,511 11,975 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | The following table summarizes the Group’s intangible assets, net: As of March 31, 2018 Gross Carrying Amount Accumulated Amortization Accumulated Impairment Amount Net Carrying Amount RMB RMB RMB RMB Domain name 3,275 (954 ) — 2,321 Insurance agency license 2,848 (178 ) — 2,670 Buyer and customer resource 462,770 (462,770 ) — — Brand 184,470 (172,110 ) (12,360 ) — Strategic business resources 353,969 (242,190 ) — 111,779 Technology 22,940 (20,926 ) (2,014 ) — Total 1,030,272 (899,128 ) (14,374 ) 116,770 As of March 31, 2019 Gross Carrying Amount Accumulated Amortization Accumulated Impairment Amount Net Carrying Amount RMB RMB RMB RMB Domain name 12,495 (1,428 ) — 11,067 Trademarks 217 (33 ) — 184 Insurance agency license 2,848 (320 ) — 2,528 Buyer and customer resource 462,770 (462,770 ) — — Brand 184,470 (172,110 ) (12,360 ) — Strategic business resources 1,424,593 (436,405 ) — 988,188 Technology 22,940 (20,926 ) (2,014 ) — Total 2,110,333 (1,093,992 ) (14,374 ) 1,001,967 |
Schedule of Amortization Expense | As of March 31, 2019, amortization expenses related to the intangible assets for future periods are estimated to be as follows: For the years ended March 31, RMB 2020 313,700 2021 313,999 2022 313,999 2023 50,213 2024 951 Thereafter 9,105 1,001,967 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill were as follows: Cross-border business Domestic business Total RMB RMB RMB Balance as of March 31, 2016 Goodwill 96,236 1,567,725 1,663,961 Accumulated impairment loss — — — 96,236 1,567,725 1,663,961 Transaction during the year Additions (Note (a)) — 928 928 Impairment (Note (b)) (96,236 ) — (96,236 ) Balance as of March 31, 2017, 2018 and 2019 Goodwill 96,236 1,568,653 1,664,889 Accumulated impairment loss (96,236 ) — (96,236 ) — 1,568,653 1,568,653 (a) In October 2016, Hangzhou Juangua entered into a share purchase agreement with Hangzhou MG Co., Ltd. (“Hangzhou MG”). As of the acquisition date, the difference of RMB928 between the total consideration of RMB3,000 and fair value of Hangzhou MG’s net assets of RMB2,072 was recognized in goodwill. (b) Goodwill impairment Goodwill is tested for impairment on an annual basis as of March 31, and in between annual tests when an event occurs or circumstances change that could indicate that the goodwill might be impaired. |
Accruals and Other Liabilities
Accruals and Other Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Payables and Accruals [Abstract] | |
Summary of Accruals and Other Liabilities | As of March 31, 2018 2019 RMB RMB Accrued liabilities and other current liabilities Receipts under custody (Note (a)) 205,878 141,407 Deposits from merchants (Note (b)) 303,570 223,145 Accrued advertisement expenses 42,784 69,592 Payables from deemed exercise of share options (Note (c)) 11,375 32,961 Accrued expenses 17,662 12,912 Deferred revenues 7,134 — Other payables 20,083 12,368 608,486 492,385 Non-current Initial reimbursement payment from depositary bank (Note (d)) — 4,722 608,486 497,107 (a) The receipts under custody mainly represent the amounts received by the Group from the registered users for their purchase through the Company’s online market platform, and have not been remitted to the third-party merchants yet. (b) The customer deposits mainly represent the cash deposits as collateral collected from the merchants of the online platform. The deposit can be withdrawn immediately after the merchants terminate its online shop on the platform. (c) The payables from deemed exercise of share options represent the share option exercise price prepaid by the employees for ordinary shares of the Company which will be issued after certain customary legal and tax administrative are completed. (d) The Company received initial reimbursement payment of USD935(RMB6,297) from depositary bank in January 2019. The amount will be recorded ratably as other income over a 5 year arrangement period. For the year ended March 31, 2019, the Company has recorded RMB315 in other income. |
Taxation (Tables)
Taxation (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Text Block [Abstract] | |
Schedule of Composition of Income Tax Benefits | Composition of income tax benefits For the year ended March 31, 2017 2018 2019 RMB RMB RMB Current income tax expenses (1,352 ) (2,654 ) (6,051 ) Deferred income tax benefits 109,039 91,319 23,268 107,687 88,665 17,217 |
Schedule of Components of Loss Before Tax | The components of loss before tax are as follows: For the year ended March 31, 2017 2018 2019 RMB RMB RMB Loss before tax Loss from PRC entities (1,014,112 ) (795,673 ) (426,044 ) (loss)/Income from overseas entities (32,715 ) 148,955 (77,448 ) Total loss before tax (1,046,827 ) (646,718 ) (503,492 ) For the year ended March 31, 2017 2018 2019 RMB RMB RMB Income tax benefits/(expenses) Current income tax expenses (1,352 ) (2,654 ) (6,051 ) Deferred tax benefits 109,039 91,319 23,268 Total income tax benefits 107,687 88,665 17,217 |
Schedule of Reconciliation of the Differences Between Statutory Tax Rate and the Effective Tax Rate | Reconciliation of the differences between the PRC statutory tax rate of 25% and the Group’s effective tax rate is as follows: For the year ended March 31, 2017 2018 2019 PRC Statutory tax rate 25 % 25 % 25 % Difference in EIT rates of certain subsidiaries (1 %) 7 % (3 %) Permanent book – tax difference (5 %) (8 %) (5 %) Additional deduction for research and development expenditures 1 % 1 % 2 % Changes in valuation allowance (10 %) (11 %) (16 %) Effective tax rate 10 % 14 % 3 % |
Schedule of Significant Components of Deferred Tax Assets and Liabilities | Significant components of the Group’s deferred tax assets are as follows: As of March 31, 2018 2019 RMB RMB Deferred tax assets: - Tax losses carried forward and others 628,571 710,168 - Carryforwards of un-deducted 151,608 150,530 Less: valuation allowance (780,179 ) (860,698 ) Net deferred tax assets — — Deferred tax liabilities: - Recognition of Intangible assets arisen from business combination and unrealized holding gain 25,233 2,485 Net deferred tax liabilities 25,233 2,485 |
Schedule of Operating Loss Carry Forward | As of March 31, 2019, net operating loss carry forwards from PRC entities will expire as follows: At December 31, RMB 2019 465,625 2020 799,821 2021 371,700 2022 157,649 2023 66,122 Thereafter 1,794,795 3,655,712 |
Schedule of Movement of Valuation Allowance | Movement of valuation allowance For the year ended March 31, 2017 2018 2019 RMB RMB RMB Balance at beginning of the period 598,530 707,595 780,179 Addition 114,408 73,480 83,516 Written off for expiration of net operating losses (5,343 ) — — Utilization of previously unrecognized tax loss and un-deductible — (896 ) (2,997 ) Balance at end of the period 707,595 780,179 860,698 |
Convertible Redeemable Prefer_2
Convertible Redeemable Preferred Shares (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Text Block [Abstract] | |
Schedule of Preferred Shares Activities | The Group’s Preferred Shares activities for the year ended March 31, 2017 is summarized below: Balance as of Issuance of Accretion on Balance as of Series A-1 Preferred Shares (US$0.00001 of par value per share; 91,289,618 shares authorized, issued and outstanding as of March 31, 2017 with redemption value of RMB15,116 as of December 31, 2018) Number of shares 91,289,618 — — 91,289,618 Amount 207,287 — — 207,287 Series A-2 Preferred Shares (US$0.00001 of par value per share; 189,153,200 shares authorized, issued and outstanding as of March 31, 2017 with redemption value of RMB42,684 as of December 31, 2018) Number of shares 189,153,200 — — 189,153,200 Amount 36,415 — 1,990 38,405 Series A-3 Preferred Shares (US$0.00001 of par value per share; 95,898,640 shares authorized, issued and outstanding as of March 31, 2017 with redemption value of RMB83,389 as of December 31, 2018) Number of shares 95,898,640 — — 95,898,640 Amount 221,137 — — 221,137 Series A-4 Preferred Shares (US$0.00001 of par value per share; 148,000,000 shares authorized, issued and outstanding as of March 31, 2017 with redemption value of RMB125,531 as of December 31, 2018) Number of shares 148,000,000 — — 148,000,000 Amount 108,078 — 6,047 114,125 Series A-5 Preferred Shares (US$0.00001 of par value per share; 43,262,547 shares authorized, issued and outstanding as of March 31, 2017 with redemption value of RMB137,703 as of December 31, 2018) Number of shares 43,262,547 — — 43,262,547 Amount 112,418 — 8,608 121,026 Series A-6 Preferred Shares (US$0.00001 of par value per share; 117,192,207 shares authorized, issued and outstanding as of March 31, 2017 with redemption value of RMB504,349 as of December 31, 2018) Number of shares 117,192,207 — — 117,192,207 Amount 331,516 — 54,645 386,161 Series A-7 Preferred Shares (US$0.00001 of par value per share; 140,511,900 shares authorized, issued and outstanding as of March 31, 2017 with redemption value of RMB299,461 as of December 31, 2018) Number of shares 140,511,900 — — 140,511,900 Amount 254,369 — 15,547 269,916 Series B-1 Preferred Shares (US$0.00001 of par value per share; 290,169,609 shares authorized, issued and outstanding as of March 31, 2017 with redemption value of RMB1,574,841 as of December 31, 2018) Number of shares 290,169,609 — — 290,169,609 Amount 1,306,962 — 91,684 1,398,646 Series B-2 Preferred Shares (US$0.00001 of par value per share; 194,572,067 shares authorized, issued and outstanding as of March 31, 2017 with redemption value of RMB1,906,021 as of December 31, 2018) Number of shares 194,572,067 — — 194,572,067 Amount 1,127,682 — 237,135 1,364,817 Series C-1 Preferred Shares (US$0.00001 of par value per share; 215,946,767 shares authorized, issued and outstanding as of March 31, 2017 with redemption value of RMB1,626,607 as of December 31, 2018) Number of shares 215,946,767 — — 215,946,767 Amount 1,301,866 — 109,805 1,411,671 Series C-2 Preferred Shares (US$0.00001 of par value per share; 111,899,688 shares authorized, issued and outstanding as of March 31, 2017 with redemption value of RMB937,315 as of December 31, 2018) Number of shares 111,899,688 — — 111,899,688 Amount 754,603 — 61,906 816,509 Series C-3 Preferred Shares (US$0.00001 of par value per share; 98,154,692 shares authorized, 29,446,407 shares issued and outstanding as of March 31, 2017 with redemption value of RMB241,361 as of December 31, 2018) Number of shares — 29,446,407 — 29,446,407 Amount — 192,142 14,535 206,677 Total number of Preferred Shares 1,637,896,243 29,446,407 — 1,667,342,650 Total amount of Preferred Shares 5,762,333 192,142 601,902 6,556,377 The Group’s Preferred Shares activities for the year ended March 31, 2018 is summarized below: Balance as of Accretion on Balance as of Series A-1 Preferred Shares (US$0.00001 of par value per share; 91,289,618 shares authorized, issued and outstanding as of March 31, 2018 with redemption value of RMB15,116 as of December 31, 2018) Number of shares 91,289,618 — 91,289,618 Amount 207,287 — 207,287 Series A-2 Preferred Shares (US$0.00001 of par value per share; 189,153,200 shares authorized, issued and outstanding as of March 31, 2018 with redemption value of RMB42,684 as of December 31, 2018) Number of shares 189,153,200 — 189,153,200 Amount 38,405 2,098 40,503 Series A-3 Preferred Shares (US$0.00001 of par value per share; 95,898,640 shares authorized, issued and outstanding as of March 31, 2018 with redemption value of RMB83,389 as of December 31, 2018) Number of shares 95,898,640 — 95,898,640 Amount 221,137 — 221,137 Series A-4 Preferred Shares (US$0.00001 of par value per share; 148,000,000 shares authorized, issued and outstanding as of March 31, 2018 with redemption value of RMB125,531 as of December 31, 2018) Number of shares 148,000,000 — 148,000,000 Amount 114,125 6,384 120,509 Series A-5 Preferred Shares (US$0.00001 of par value per share; 43,262,547 shares authorized, issued and outstanding as of March 31, 2018 with redemption value of RMB137,703 as of December 31, 2018) Number of shares 43,262,547 — 43,262,547 Amount 121,026 9,266 130,292 Series A-6 Preferred Shares (US$0.00001 of par value per share; 117,192,207 shares authorized, issued and outstanding as of March 31, 2018 with redemption value of RMB504,349 as of December 31, 2018) Number of shares 117,192,207 — 117,192,207 Amount 386,161 63,653 449,814 Series A-7 Preferred Shares (US$0.00001 of par value per share; 140,511,900 shares authorized, issued and outstanding as of March 31, 2018 with redemption value of RMB299,461 as of December 31, 2018) Number of shares 140,511,900 — 140,511,900 Amount 269,916 16,504 286,420 Series B-1 Preferred Shares (US$0.00001 of par value per share; 290,169,609 shares authorized, issued and outstanding as of March 31, 2018 with redemption value of RMB1,574,841 as of December 31, 2018) Number of shares 290,169,609 — 290,169,609 Amount 1,398,646 98,116 1,496,762 Series B-2 Preferred Shares (US$0.00001 of par value per share; 194,572,067 shares authorized, issued and outstanding as of March 31, 2018 with redemption value of RMB1,906,021 as of December 31, 2018) Number of shares 194,572,067 — 194,572,067 Amount 1,364,817 287,000 1,651,817 Series C-1 Preferred Shares (US$0.00001 of par value per share; 215,946,767 shares authorized, issued and outstanding as of March 31, 2018 with redemption value of RMB1,626,607 as of December 31, 2018) Number of shares 215,946,767 — 215,946,767 Amount 1,411,671 119,076 1,530,747 Series C-2 Preferred Shares (US$0.00001 of par value per share; 111,899,688 shares authorized, issued and outstanding as of March 31, 2018 with redemption value of RMB937,315 as of December 31, 2018) Number of shares 111,899,688 — 111,899,688 Amount 816,509 66,985 883,494 Series C-3 Preferred Shares (US$0.00001 of par value per share; 98,154,692 shares authorized, 29,446,407 shares issued and outstanding as of March 31, 2018 with redemption value of RMB241,361 as of December 31, 2018) Number of shares 29,446,407 — 29,446,407 Amount 206,677 19,158 225,835 Total number of Preferred Shares 1,667,342,650 — 1,667,342,650 Total amount of Preferred Shares 6,556,377 688,240 7,244,617 The Group’s Preferred Shares activities for the year ended March 31, 2019 is summarized below: Balance as of March 31, 2018 Accretion on convertible redeemable preferred shares to redemption value Issuance of convertible redeemable Series C-3 preferred shares, net of issuance costs Conversion to Balance as of March 31, 2019 Series A-1 Number of shares 91,289,618 — — (91,289,618 ) — Amount 207,287 — — (207,287 ) — Series A-2 Number of shares 189,153,200 — — (189,153,200 ) — Amount 40,503 1,833 — (42,336 ) — Series A-3 Number of shares 95,898,640 — — (95,898,640 ) — Amount 221,137 — — (221,137 ) — Series A-4 Number of shares 148,000,000 — — (148,000,000 ) — Amount 120,509 5,481 — (125,990 ) — Series A-5 Number of shares 43,262,547 — — (43,262,547 ) — Amount 130,292 7,066 — (137,358 ) — Series A-6 Number of shares 117,192,207 — — (117,192,207 ) — Amount 449,814 40,619 — (490,433 ) — Series A-7 Number of shares 140,511,900 — — (140,511,900 ) — Amount 286,420 13,655 — (300,075 ) — Series B-1 Number of shares 290,169,609 — — (290,169,609 ) — Amount 1,496,762 76,993 — (1,573,755 ) — Series B-2 Number of shares 194,572,067 — — (194,572,067 ) — Amount 1,651,817 178,820 — (1,830,637 ) — Series C-1 Number of shares 215,946,767 — — (215,946,767 ) — Amount 1,530,747 87,788 — (1,618,535 ) — Series C-2 Number of shares 111,899,688 — — (111,899,688 ) — Amount 883,494 49,943 — (933,437 ) — Series C-3 Number of shares 29,446,407 — 157,047,506 (186,493,913 ) — Amount 225,835 47,706 1,069,753 (1,343,294 ) — Total number of Preferred Shares 1,667,342,650 — 157,047,506 (1,824,390,156 ) — Total amount of Preferred Shares 7,244,617 509,904 1,069,753 (8,824,274 ) — |
Share Based Compensation (Table
Share Based Compensation (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of the Assumptions Used To Value The Company's Option Grants | The assumptions used to value the Company’s option grants for the years ended March 31, 2017 and 2018 were as follows: Valuation Dates 2017 2018 Expected term 10 years 10 years Expected volatility 49.24%-50.37% 47.49% Exercise multiple 2.2~2.8 2.2~2.8 Expected dividend yield — — Risk-free interest rate 1.58%-1.7% 2.4% Expected forfeiture rate (post vesting) 3% for staff 0% for management 3% for staff 0% for management Fair value of the underlying shares on the date of option grants (US$) 0.37~0.40 0.45 Fair value of share option (US$) 0.11~0.39 0.14 |
Summary of Option Activities Under The Global Share Plan | The following table sets forth the summary of option activities under the Company’s Global Share Plan: Number of share options Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value (US$) (In years) (US$) Outstanding as of April 1, 2016 148,864,966 0.03 8.73 17,810 Granted 54,021,775 0.29 Forfeited or cancelled (post-vesting) (12,104,011 ) 0.27 Outstanding as of April 1, 2017 190,782,730 0.09 8.15 60,728 Granted 470,000 1.10 Forfeited or cancelled (post-vesting) (7,847,720 ) 0.29 Outstanding as of March 31, 2018 183,405,010 0.08 6.78 107,465 Exercised (87,990,491 ) 0.01 Forfeited or cancelled (post-vesting) (3,872,425 ) 0.30 Outstanding as of March 31, 2019 91,542,094 0.14 Vested and expected to vest as of March 31, 2019 91,542,094 0.14 5.16 36,009 Exercisable as of March 31, 2019 81,792,426 0.12 4.36 33,696 |
Summary of Activities of the Service-Based RSUs | A summary of activities of the service-based RSUs for the years ended March 31, 2017, 2018 and 2019 is presented below: Number of RSUs Weighted-Average Grant-Date Fair Value US$ Unvested at March 31, 2016 and 2017 — — Granted 5,335,560 0.45 Vested (93,500 ) 0.45 Forfeited (347,000 ) 0.45 Unvested at March 31, 2018 4,895,060 0.45 Granted 78,715,557 0.67 Vested (6,114,640 ) 0.63 Forfeited (9,212,850 ) 0.64 Unvested at March 31, 2018 68,283,127 0.66 |
Related Party Transactions an_2
Related Party Transactions and Balances (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The Group had the following transactions with the major related parties: For the year ended March 31, 2017 2018 2019 RMB RMB RMB Revenues: Technology services to iSNOB — 600 — Marketing services to Tencent — — 1,081 Technology services to JM Weshop — 6,773 16,168 Total — 7,373 17,249 Other income: Equipment sales to JM Weshop — — 476 Cost of revenue: Cloud technology services from Tencent Group 4,749 27,796 51,940 Payment processing fees to Tencent Group 23,865 24,018 17,393 Total 28,614 51,814 69,333 |
Schedule of Amount Due To From Related Parties | The Group had the following balances with the major related parties: As of March 31, 2018 2019 RMB RMB Due from JM Weshop 7,179 1,624 Due from Tencent Group — 165 Total 7,179 1,789 Due to Tencent Group (17,761 ) (9,393 ) Due to Chenqi (588 ) — Due to Wei Yibo (235 ) — Due to Yue Xuqiang (177 ) — Due to iSNOB (1,190 ) — Due to JM Weshop (152 ) — Total (20,103 ) (9,393 ) |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Summary of Operating Segments Results | The table below provides a summary of the Group’s operating segments results for the year ended March 31, 2017. For the Year Ended Revenues Cross-border business 1,437 Domestic business 1,108,440 Total consolidated revenues 1,109,877 Operating loss Cross-border business (65,575 ) Domestic business (452,637 ) Total segment operating loss (518,212 ) Unallocated expenses(*) (553,129 ) Total consolidated operating loss (1,071,341 ) Total other income 24,514 Loss before income tax and share of results of equity investee (1,046,827 ) (*) Unallocated items include amortization expenses of intangible assets from acquired business, impairment of goodwill and intangible assets and share based compensation expenses. |
Loss Per Share (Tables)
Loss Per Share (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Basic and Diluted Loss Per Share | Basic loss per share and diluted loss per share have been calculated in accordance with ASC 260 on computation of earnings per share for the years ended March 31, 2017, 2018 and 2019 as follows: Year ended March 31, 2017 2018 2019 RMB RMB RMB Numerator: Net loss (939,137 ) (558,169 ) (486,275 ) Accretion on convertible redeemable preferred shares (601,902 ) (688,240 ) (509,904 ) Deemed dividends to preferred shareholders — — (89,076 ) Net loss attributable to ordinary shareholders-Basic and Diluted (1,541,039 ) (1,246,409 ) (1,085,255 ) Denominator: Weighted average number of ordinary shares -basic and diluted 555,729,818 550,793,455 1,247,998,533 Basic and diluted loss per share (2.77 ) (2.26 ) (0.87 ) |
Schedule of Computation of Potentially Anti-Dilutive Securities | The following ordinary share equivalents were excluded from the computation of diluted net loss per share for the periods presented to eliminate any anti-dilutive effect: Year ended March 31, 2017 2018 2019 Preferred Shares outstanding 1,662,179,444 1,667,342,650 — Convertible Redeemable Class B ordinary shares 90,491,694 90,491,694 — Share options and RSUs 116,596,800 152,905,974 99,267,557 Total 1,869,267,938 1,910,740,318 99,267,557 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Future Minimum Lease Payments under Non-cancelable Operating Leases Agreements | Future minimum payments under these non-cancellable Payments due by period Operating lease obligations IT related expenses Total RMB RMB RMB For the year ended March 31, 2020 27,398 4,712 32,110 2021 23,886 — 23,886 2022 19,580 — 19,580 Total 70,864 4,712 75,576 |
Parent Company Only Condensed_2
Parent Company Only Condensed Financial Information (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheets | CONDENSED BALANCE SHEETS As of March 31, 2018 2019 RMB RMB US$ Note 2(f) ASSETS Current assets: Cash and cash equivalents 300,753 510,226 76,026 Amounts due from subsidiaries 397,380 789,513 117,641 Prepayments and other current assets 670 5,090 758 Total current assets 698,803 1,304,829 194,425 Non-current Intangible assets, net — 988,188 147,245 Investments in subsidiaries, VIEs and VIEs’ subsidiaries 2,112,639 1,673,406 249,345 Investments in other investees 171,169 227,462 33,893 Total non-current 2,283,808 2,889,056 430,483 Total assets 2,982,611 4,193,885 624,908 LIABILITIES, MEZANNINE EQUITY AND SHAREHOLDERS’ (DEFICIT)/EQUITY Current liabilities: Amounts due to subsidiaries 86,165 87,842 13,089 Accruals and other current liabilities 13,272 51,167 7,624 Total current liabilities 99,437 139,009 20,713 Non-current Deferred tax liabilities 959 2,485 370 Other non-current — 4,722 704 Total non-current 959 7,207 1,074 Total liabilities 100,396 146,216 21,787 MEZZANINE EQUITY Convertible Redeemable Class B ordinary shares (US$0.00001 par value, 90,491,694 shares authorized, issued and outstanding as of March 31, 2018; nil issued and outstanding as of March 31, 2019) 140,255 — — Convertible redeemable Series A preferred share (US$0.00001 par value, 825,308,112 shares authorized, issued and outstanding as of March 31, 2018; nil issued and outstanding as of March 31, 2019) 1,455,962 — — Convertible redeemable Series B preferred share (US$0.00001 par value, 484,741,676 shares authorized, issued and outstanding as of March 31, 2018; nil issued and outstanding as of March 31, 2019) 3,148,579 — — Convertible redeemable Series C preferred share (US$0.00001 par value, 426,001,147 shares authorized, 357,292,862 shares issued and outstanding as of March 31, 2018; nil issued and outstanding as of March 31, 2019) 2,640,076 — — Total Mezzanine equity 7,384,872 — — SHAREHOLDERS’ (DEFICIT)/EQUITY Class A ordinary shares (US$0.00001 par value; 49,000,000,000 shares authorized as of March 31, 2019; 335,534,850 and 2,371,289,450 shares issued and outstanding as of March 31, 2018 and 2019) 21 161 23 Class B ordinary shares (US$0.00001 par value; 500,000,000 shares authorized as of March 31, 2019; nil and 303,234,004 shares issued and outstanding as of March 31, 2018 and 2019) — 16 2 Class C ordinary shares (US$0.00001 par value, 215,243,513 and nil shares issued and outstanding as of March 31, 2018 and 2019) 10 — — Additional paid-in — 9,392,737 1,399,561 Accumulated other comprehensive (loss)/income (3,650 ) 77,795 11,592 Accumulated deficit (4,499,038 ) (5,423,040 ) (808,057 ) Total shareholders’ (deficit)/equity (4,502,657 ) 4,047,669 603,121 Total liabilities, mezzanine equity and shareholders’ (deficit)/equity 2,982,611 4,193,885 624,908 |
Condensed Statements of Comprehensive Loss | CONDENSED STATEMENTS OF COMPREHENSIVE LOSS For the year ended March 31, 2017 2018 2019 RMB RMB RMB US$ Note 2(f) General and administrative expenses (2,435 ) (3,579 ) (5,431 ) (809 ) Amortization of intangible assets — — (82,436 ) (12,283 ) Other expense, net 88 (6,183 ) (1,098 ) (164 ) Loss from operations (2,347 ) (9,762 ) (88,965 ) (13,256 ) Interest income 8,136 8,146 7,532 1,122 Loss from subsidiaries, VIEs and VIEs’ subsidiaries (944,926 ) (723,790 ) (441,830 ) (65,837 ) Investment gain — 158,627 — — Gain form investment disposal — — 31,236 4,654 Gains on deconsolidation of a subsidiary — 13,592 — — Loss before income tax and share of results of equity investee (939,137 ) (553,187 ) (492,027 ) (73,317 ) Income tax benefits — — — — Share of results of equity investee — (4,982 ) 5,752 857 Net loss (939,137 ) (558,169 ) (486,275 ) (72,460 ) Accretion on convertible redeemable preferred shares to redemption value (601,902 ) (688,240 ) (509,904 ) (75,978 ) Deemed dividends to preferred shareholders — — (89,076 ) (13,273 ) Net loss attributable to MOGU Inc.’s ordinary shareholders (1,541,039 ) (1,246,409 ) (1,085,255 ) (161,711 ) Net Loss (939,137 ) (558,169 ) (486,275 ) (72,460 ) Other comprehensive income/(loss): Foreign currency translation adjustments, net of nil tax 96,010 (81,141 ) 55,440 8,261 Share of other comprehensive (loss)/gain of equity method investee — (2,124 ) 938 140 Share of other comprehensive income of subsidiaries, VIEs and VIEs’ subsidiaries, net of tax 1,000 7,928 (1,588 ) (237 ) Unrealized securities holding gains, net of tax — 2,938 26,655 3,972 Total other comprehensive income/(loss) 97,010 (72,399 ) 81,445 12,136 Total comprehensive loss (842,127 ) (630,568 ) (404,830 ) (60,324 ) |
Condensed Statements of Cash Flows | CONDENSED STATEMENTS OF CASH FLOWS For the year ended March 31, 2017 2018 2019 RMB RMB RMB US$ Note 2(f) Net cash (used in)/provided by operating activities (26,547 ) (37,887 ) 8,240 1,227 Net cash used in investing activities (1,171,263 ) (106,922 ) (213,639 ) (31,833 ) Net cash provided by financing activities 192,142 — 414,872 61,818 Net (decrease)/increase in cash and cash equivalents (1,005,668 ) (144,809 ) 209,473 31,212 Cash and cash equivalents at beginning of year 1,451,230 445,562 300,753 44,814 Cash and cash equivalents at end of year 445,562 300,753 510,226 76,026 |
Organization and Principal Ac_3
Organization and Principal Activities - Summary of Major Subsidiaries, Consolidated VIEs and VIE's Subsidiaries (Detail) | 12 Months Ended |
Mar. 31, 2019 | |
VIEs and VIEs Subsidiaries | Hangzhou Juangua Network Co., Ltd. | |
Schedule of Subsidiaries and Variable Interest Entities [Line Items] | |
Place of incorporation | Hangzhou, China |
Date of incorporation | Apr. 13, 2010 |
VIEs and VIEs Subsidiaries | Beijing Meilishikong Network and Technology Co., Ltd. | |
Schedule of Subsidiaries and Variable Interest Entities [Line Items] | |
Place of incorporation | Beijing, China |
Date of incorporation | Jul. 6, 2010 |
Subsidiaries | Meili Group Limited | |
Schedule of Subsidiaries and Variable Interest Entities [Line Items] | |
Equity interest held | 100.00% |
Place of incorporation | Hong Kong, China |
Date of incorporation | Jun. 23, 2011 |
Subsidiaries | Hangzhou Shiqu Information and Technology Co., Ltd. | |
Schedule of Subsidiaries and Variable Interest Entities [Line Items] | |
Equity interest held | 100.00% |
Place of incorporation | Hangzhou, China |
Date of incorporation | Nov. 16, 2011 |
Subsidiaries | Meilishuo (Beijing) Network Technology Co., Ltd. | |
Schedule of Subsidiaries and Variable Interest Entities [Line Items] | |
Equity interest held | 100.00% |
Place of incorporation | Beijing, China |
Date of incorporation | Nov. 23, 2010 |
Organization and Principal Ac_4
Organization and Principal Activities - Additional Information (Detail) - CNY (¥) ¥ in Thousands | Jul. 18, 2018 | Mar. 31, 2019 |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
VIEs, percentage of equity interest pledged by shareholders | 100.00% | |
Asset of the consolidated VIEs that can only be used to settle obligations of the respective consolidated VIEs | ¥ 0 | |
Amended and Restated Loan Agreement | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Loan agreement to shareholders of VIE, term | 20 years | |
Amended and Restated Loan Agreement | Mr. Qi Chen | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Loan agreement provided to related parties | ¥ 5,867 | |
Amended and Restated Loan Agreement | Mr. Yibo Wei | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Loan agreement provided to related parties | 2,362 | |
Amended and Restated Loan Agreement | Mr. Xuqiang Yue | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Loan agreement provided to related parties | ¥ 1,771 | |
Exclusive Consultation and Service Agreements | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Exclusive consultation and service agreement between subsidiary and VIEs, term | 10 years |
Organization and Principal Ac_5
Organization and Principal Activities - Schedule of Amounts and Balances of VIEs Included in Consolidated Financial Statements With Intercompany Transactions Eliminated (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||
Mar. 31, 2019USD ($) | Mar. 31, 2019CNY (¥) | Mar. 31, 2018CNY (¥) | Mar. 31, 2017CNY (¥) | Mar. 31, 2019CNY (¥) | Mar. 31, 2016CNY (¥) | |
Variable Interest Entity [Line Items] | ||||||
Cash and cash equivalents | $ 190,236 | ¥ 1,224,393 | ¥ 1,276,710 | |||
Restricted cash | 150 | 1,004 | 1,006 | |||
Short-term investments | 31,589 | 130,000 | 212,000 | |||
Inventories, net | 751 | 110 | 5,042 | |||
Loan receivables, net | 18,015 | 104,247 | 120,901 | |||
Prepayments and other current assets | 24,026 | 188,862 | 161,249 | |||
Amounts due from related parties | 267 | 7,179 | 1,789 | |||
Property, equipment and software, net | 1,784 | 16,511 | 11,975 | |||
Intangible assets, net | 149,298 | 116,770 | 1,001,967 | |||
Goodwill | 233,737 | 1,568,653 | ¥ 1,568,653 | 1,568,653 | ¥ 1,663,961 | |
Investments | 36,018 | 201,037 | 241,721 | |||
Total assets | 685,985 | 3,577,521 | 4,603,776 | |||
Accounts payable | 2,681 | 12,270 | 17,989 | |||
Salaries and welfare payable | 3,295 | 20,654 | 22,112 | |||
Advances from customers | 175 | 37 | 1,177 | |||
Taxes payable | 871 | 8,523 | 5,844 | |||
Amounts due to related parties | 1,400 | 20,103 | 9,393 | |||
Accruals and other current liabilities | 73,368 | 608,486 | 492,385 | |||
Total liabilities | 82,864 | 695,306 | 556,107 | |||
Total revenues | 160,072 | ¥ 1,074,278 | 973,207 | 1,109,877 | ||
Cost of revenues | (46,756) | (313,788) | (317,725) | (377,765) | ||
Net (loss)/profit | (72,460) | (486,275) | (558,053) | (939,140) | ||
Net cash used in by operating activities | (48,547) | (325,808) | (314,862) | (832,497) | ||
Net cash (used in)/provided by investing activities | (12,343) | (82,836) | 340,461 | (541,637) | ||
Net cash provided by financing activities | $ 61,818 | 414,872 | 7,136 | 194,964 | ||
VIEs and VIEs Subsidiaries | ||||||
Variable Interest Entity [Line Items] | ||||||
Cash and cash equivalents | 394,734 | 191,145 | ||||
Restricted cash | 1,004 | 1,006 | ||||
Short-term investments | 50,000 | 70,000 | ||||
Inventories, net | 110 | 70 | ||||
Loan receivables, net | 104,247 | 120,901 | ||||
Prepayments and other current assets | 103,780 | 84,414 | ||||
Amounts due from related parties | 397 | |||||
Property, equipment and software, net | 3,759 | 2,028 | ||||
Intangible assets, net | 3,344 | 2,986 | ||||
Goodwill | 928 | 928 | ||||
Investments | 15,847 | 14,259 | ||||
Total assets | 1,174,872 | 791,463 | ||||
Accounts payable | 439 | 725 | ||||
Salaries and welfare payable | 4,591 | 939 | ||||
Advances from customers | 26 | 28 | ||||
Taxes payable | 1,613 | 1,367 | ||||
Amounts due to related parties | 0 | 1,085 | ||||
Accruals and other current liabilities | 520,355 | 325,473 | ||||
Total liabilities | 1,913,226 | 1,490,687 | ||||
Total revenues | 150,228 | 407,851 | 978,215 | |||
Cost of revenues | (87,562) | (112,692) | (129,268) | |||
Net (loss)/profit | 5,565 | (25,729) | (232,088) | |||
Net cash used in by operating activities | (165,708) | (9,099) | (36,347) | |||
Net cash (used in)/provided by investing activities | (39,369) | 94,389 | (178,288) | |||
Net cash provided by financing activities | 1,490 | 9,000 | ||||
Net (decrease)/increase in cash and cash equivalents and restricted cash | ¥ (203,587) | 85,290 | ¥ (205,635) | |||
VIEs and VIEs Subsidiaries | Non-VIE Subsidiaries | ||||||
Variable Interest Entity [Line Items] | ||||||
Amounts due from related parties | 497,119 | 303,329 | ||||
Amounts due to related parties | ¥ 1,386,202 | ¥ 1,161,070 |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Polices - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2019USD ($) | Mar. 31, 2019CNY (¥) | Mar. 31, 2018CNY (¥) | Mar. 31, 2017CNY (¥) | |
Accounting Policies [Line Items] | ||||
Exchange gains/(losses) | ¥ (7,068) | ¥ 8,805 | ¥ (7,892) | |
Other comprehensive income/(loss), Foreign currency translation adjustments | $ 8,261 | ¥ 55,440 | (81,141) | 96,010 |
Convenience translation exchange rate (RMB per US $1.00) | 6.7112 | |||
Inventory write downs | ¥ 0 | 2,202 | 2,040 | |
Aggregate amount of transaction price allocated to remaining performance obligations | 0 | |||
Marketing expenses | 104,311 | 249,993 | 101,919 | |
Government grants received | 13,430 | 2,646 | 9,236 | |
Capital leases | 0 | 0 | ||
Employee benefit expenses | ¥ 76,252 | 101,615 | 144,059 | |
Minimum percentage, appropriation to the statutory surplus fund of the after-tax profits | 10.00% | 10.00% | ||
Maximum percentage of the registered capital where appropriation is not required | 50.00% | 50.00% | ||
Statutory Reserves | ||||
Accounting Policies [Line Items] | ||||
Appropriations to statutory surplus fund and other reserve funds | ¥ 496 | ¥ 1,067 | ¥ 773 | |
Maximum | ||||
Accounting Policies [Line Items] | ||||
Operating lease agreements, initial lease term | 3 years |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Polices - Schedule of Estimated Useful Lives (Detail) | 12 Months Ended |
Mar. 31, 2019 | |
Electronic Equipment | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated useful lives | 3 years |
Furniture and Office Equipment | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated useful lives | 5 years |
Computer Softwares | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated useful lives | 3 years |
Computer Softwares | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated useful lives | 10 years |
Vehicles | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated useful lives | 5 years |
Leasehold Improvements | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated useful lives | Shorter of the expected use life or the lease term |
Summary Of Significant Accoun_6
Summary Of Significant Accounting Polices - Schedule of Estimated Useful Lives of Intangible Assets (Detail) | 12 Months Ended |
Mar. 31, 2019 | |
Domain Name | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, estimated useful lives | 5 years |
Domain Name | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, estimated useful lives | 20 years |
Trademarks | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, estimated useful lives | 10 years |
Insurance Agency License | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, estimated useful lives | 20 years |
Buyer and Customer Resource | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, estimated useful lives | 2 years |
Brand | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, estimated useful lives | 2 years |
Brand | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, estimated useful lives | 8 years |
Technology | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, estimated useful lives | 2 years |
Technology | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, estimated useful lives | 3 years |
Strategic Business Resources | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, estimated useful lives | 3 years |
Strategic Business Resources | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, estimated useful lives | 5 years |
Initial Public Offering - Addit
Initial Public Offering - Additional Information (Detail) $ / shares in Units, ¥ in Thousands, $ in Thousands | Dec. 10, 2018$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2018CNY (¥)shares | Mar. 31, 2019Vote / sharesshares | Dec. 09, 2018Vote / shares | Mar. 31, 2019Vote / sharesshares | Mar. 31, 2018$ / shares |
Class of Stock [Line Items] | |||||||
Initial public offering price per ADS sold to the public | $ / shares | $ 0.45 | ||||||
Number of Class A ordinary shares each Class B ordinary share is convertible into | 1 | 1 | |||||
Class A Ordinary Shares | |||||||
Class of Stock [Line Items] | |||||||
Number of American Depositary Shares offered | 120,872,750 | ||||||
Number of votes each ordinary share is entitled | Vote / shares | 1 | ||||||
Class B Ordinary Shares | |||||||
Class of Stock [Line Items] | |||||||
Number of votes each ordinary share is entitled | Vote / shares | 30 | 1 | |||||
IPO | |||||||
Class of Stock [Line Items] | |||||||
Number of American Depositary Shares offered | 4,834,910 | 4,834,910 | |||||
Initial public offering price per ADS sold to the public | $ / shares | $ 14 | ||||||
Number of ordinary shares represented by each ADS | 25 | 25 | |||||
Net proceeds raised from the initial public offering after deducting underwriting discounts and commissions and other offering expenses | $ 58,016 | ¥ 389,356 | |||||
IPO | Class A Ordinary Shares | |||||||
Class of Stock [Line Items] | |||||||
Number of American Depositary Shares offered | 118,750,000 | ||||||
Initial public offering price per ADS sold to the public | $ / shares | $ 0.56 |
Risks and Concentration - Addit
Risks and Concentration - Additional Information (Detail) - Customer | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2005 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Concentration Risk [Line Items] | ||||
Appreciation (depreciation) of RMB against US$ | (7.10%) | 8.90% | ||
Maximum | ||||
Concentration Risk [Line Items] | ||||
Appreciation (depreciation) of RMB against US$ | 20.00% | |||
Sales Revenue, Net | Customer Concentration Risk | ||||
Concentration Risk [Line Items] | ||||
Number of customers with revenue greater than 10% of total revenue | 0 | 0 | 0 | |
Cost of Goods, Total | Supplier Concentration Risk | ||||
Concentration Risk [Line Items] | ||||
Number of suppliers with purchases greater than 10% of total purchases | 0 | 0 | 0 |
Other Revenues - Summary of Oth
Other Revenues - Summary of Other Revenues by Type of Service (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2019USD ($) | Mar. 31, 2019CNY (¥) | Mar. 31, 2018CNY (¥) | Mar. 31, 2017CNY (¥) | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 160,072 | ¥ 1,074,278 | ¥ 973,207 | ¥ 1,109,877 |
Other Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 170,803 | 80,264 | 44,269 | |
Other Revenues | Online Direct Sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 62,114 | 16,948 | 3,746 | |
Other Revenues | Financing Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 49,076 | 23,293 | 14,723 | |
Other Revenues | Technology Service | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 38,963 | 18,645 | 1,499 | |
Other Revenues | Service, Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | ¥ 20,650 | ¥ 21,378 | ¥ 24,301 |
Other (Expenses)_Income, Net -
Other (Expenses)/Income, Net - Summary of Other (Expenses)/Income, Net (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2019USD ($) | Mar. 31, 2019CNY (¥) | Mar. 31, 2018CNY (¥) | Mar. 31, 2017CNY (¥) | |
Other Income and Expenses [Abstract] | ||||
Government grants | ¥ 13,430 | ¥ 2,646 | ¥ 9,236 | |
(Losses)/Gains on disposal of property and equipment | 772 | 11,043 | (1,922) | |
Exchange (losses)/gain | (7,068) | 8,805 | (7,892) | |
Compensation cost on rental contracts termination | (15,448) | |||
Others | 1,627 | (3,533) | (1,403) | |
Total | $ 1,305 | ¥ 8,761 | ¥ 18,961 | ¥ (17,429) |
Fair Value Measurement - Assets
Fair Value Measurement - Assets and Liabilities Measured or Disclosed At Fair Value on Recurring Basis In Periods Subsequent to Their Initial Recognition (Detail) ¥ in Thousands, $ in Thousands | Mar. 31, 2019USD ($) | Mar. 31, 2019CNY (¥) | Mar. 31, 2018CNY (¥) | Mar. 31, 2017CNY (¥) |
Assets: | ||||
Short-term investments | $ 31,589 | ¥ 212,000 | ¥ 130,000 | |
Available-for-sale investments | 72,459 | 50,636 | ¥ 10,935 | |
Fair Value, Measurements, Recurring | ||||
Assets: | ||||
Short-term investments | 212,000 | 130,000 | ||
Available-for-sale investments | 72,459 | 50,636 | ||
Total assets | 284,459 | 180,636 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||||
Assets: | ||||
Short-term investments | 212,000 | 130,000 | ||
Total assets | 212,000 | 130,000 | ||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||||
Assets: | ||||
Available-for-sale investments | 72,459 | 50,636 | ||
Total assets | ¥ 72,459 | ¥ 50,636 |
Fair Value Measurement - Fair V
Fair Value Measurement - Fair Value Measurements of Roll Forward In Level 3 Financial Instruments (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair value of Level 3 investments, Beginning Balance | ¥ 50,636 | ¥ 10,935 | ¥ 9,935 | |
Disposal | [1] | (13,658) | ||
Addition | 28,000 | |||
Effect of currency translation adjustment | 551 | (1,129) | ||
The change in fair value of the investment | 34,930 | 12,830 | 1,000 | |
Fair value of Level 3 investments, Ending Balance | 72,459 | 50,636 | 10,935 | |
Shanghai Kuailaimai Information and Technology Co., Ltd. | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair value of Level 3 investments, Beginning Balance | 15,847 | 10,935 | 9,935 | |
The change in fair value of the investment | (1,588) | 4,912 | 1,000 | |
Fair value of Level 3 investments, Ending Balance | 14,259 | 15,847 | ¥ 10,935 | |
iSNOB Holding Limited | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair value of Level 3 investments, Beginning Balance | 20,768 | |||
Addition | 18,000 | |||
Effect of currency translation adjustment | 1,470 | (1,129) | ||
The change in fair value of the investment | 16,140 | 3,897 | ||
Fair value of Level 3 investments, Ending Balance | 38,378 | 20,768 | ||
Shanghai Huzan Information and Technology Co., Ltd. | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair value of Level 3 investments, Beginning Balance | 14,021 | |||
Disposal | [1] | (13,658) | ||
Addition | 10,000 | |||
Effect of currency translation adjustment | (919) | |||
The change in fair value of the investment | 20,378 | 4,021 | ||
Fair value of Level 3 investments, Ending Balance | ¥ 19,822 | ¥ 14,021 | ||
[1] | This included reclassification adjustment of the unrealized security holding gains of RMB9,393 in connection with the disposed portion as of the disposal date for gains included in net loss. |
Fair Value Measurement - Fair_2
Fair Value Measurement - Fair Value Measurements of Roll Forward In Level 3 Financial Instruments (Parenthetical) (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | ||
Unrealized security holding gains | ¥ 9,393 | ¥ 158,627 |
Fair Value Measurement - Schedu
Fair Value Measurement - Schedule of Significant Unobservable Inputs Adopted in Valuation of Fair Value Assets (Detail) - Valuation, Market Approach - Significant Unobservable Inputs (Level 3) | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 |
Lack of Marketability Discount | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measurement inputs | 0.3 | 0.3 | 0.3 |
Risk Free Rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measurement inputs | 0.0306 | ||
Risk Free Rate | Minimum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measurement inputs | 0.0225 | 0.0257 | |
Risk Free Rate | Maximum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measurement inputs | 0.0260 | 0.0374 | |
Expected Volatility | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measurement inputs | 0.4190 | ||
Expected Volatility | Minimum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measurement inputs | 0.4500 | 0.4000 | |
Expected Volatility | Maximum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measurement inputs | 0.5268 | 0.4334 | |
Revenue Multiple | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measurement inputs | 2.68 | 2.52 | |
Revenue Multiple | Minimum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measurement inputs | 2.80 | ||
Revenue Multiple | Maximum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measurement inputs | 18.74 | ||
Net Profit Multiple | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measurement inputs | 21.23 |
Loan Receivables - Summary of L
Loan Receivables - Summary of Loan Receivables, Net (Detail) ¥ in Thousands, $ in Thousands | Mar. 31, 2019USD ($) | Mar. 31, 2019CNY (¥) | Mar. 31, 2018CNY (¥) | Mar. 31, 2017CNY (¥) | Mar. 31, 2016CNY (¥) |
Receivables [Abstract] | |||||
Loan receivables - principals | ¥ 123,489 | ¥ 104,286 | |||
Loan receivables - service fee | 2,045 | 1,183 | |||
Allowance for doubtful accounts | (4,633) | (1,222) | ¥ (251) | ¥ (142) | |
Loan receivables, net | $ 18,015 | ¥ 120,901 | ¥ 104,247 |
Loan Receivables - Summary of A
Loan Receivables - Summary of Allowance for Doubtful Accounts Movement (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Receivables [Abstract] | |||
Balance at beginning of year | ¥ (1,222) | ¥ (251) | ¥ (142) |
Additions | (3,754) | (1,220) | (337) |
Reversals | 343 | 196 | 228 |
Write-offs | 53 | ||
Balance at end of year | ¥ (4,633) | ¥ (1,222) | ¥ (251) |
Prepayments And Other Current_3
Prepayments And Other Current Assets - Schedule of Prepaid Expense and Other Current Assets (Detail) ¥ in Thousands, $ in Thousands | Mar. 31, 2019USD ($) | Mar. 31, 2019CNY (¥) | Mar. 31, 2018CNY (¥) | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||
Receivables from third-party payment service providers | [1] | ¥ 84,638 | ¥ 87,395 | |
Prepaid promotion fees | 18,386 | 7,053 | ||
Other prepaid expenses | 14,263 | 14,474 | ||
VAT receivables | 13,194 | 50,893 | ||
Receivables of technology service | 12,692 | 2,355 | ||
Deposits | 5,325 | 21,387 | ||
Interest receivable | 2,436 | 1,433 | ||
Employee loans and advances | 948 | 428 | ||
Others | 9,367 | 3,444 | ||
Total | $ 24,026 | ¥ 161,249 | ¥ 188,862 | |
[1] | Receivables from third party payment service providers represent cash due from the Group's third party on-line payment service providers in relation to their processing of payments to the Group. As of March 31, 2018 and 2019, no allowance for doubtful accounts was provided for these receivables. |
Prepayments And Other Current_4
Prepayments And Other Current Assets - Schedule of Prepaid Expense and Other Current Assets (Parenthetical) (Detail) - CNY (¥) ¥ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 |
Receivables from third party payment service providers, allowance for doubtful accounts | ¥ 4,633 | ¥ 1,222 | ¥ 251 | ¥ 142 |
Receivables from Third Party Payment Service Providers | ||||
Receivables from third party payment service providers, allowance for doubtful accounts | ¥ 0 | ¥ 0 |
Deconsolidation of a Subsidia_3
Deconsolidation of a Subsidiary - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
May 31, 2016CNY (¥) | Mar. 31, 2019CNY (¥) | Mar. 31, 2018CNY (¥) | Mar. 31, 2019USD ($) | Mar. 31, 2019CNY (¥) | Oct. 31, 2017CNY (¥) | |
Effects of Deconsolidation of Subsidiaries [Line Items] | ||||||
Registered capital | ¥ (4,502,657) | $ 603,121 | ¥ 4,047,669 | |||
Deconsolidation, cash outflow | 6,738 | |||||
iSNOB Holding Limited | ||||||
Effects of Deconsolidation of Subsidiaries [Line Items] | ||||||
Ownership percentage | 80.00% | |||||
Registered capital | ¥ 1,000 | |||||
Ownership percentage | 18.00% | |||||
Gains recognized related to the remeasurement of retained interest in the deconsolidated subsidiary to fair value | ¥ 17,641 | |||||
Cash balance | ¥ 6,738 | |||||
Deconsolidation, cash outflow | ¥ 6,738 | |||||
iSNOB Holding Limited | Unrelated Third Party | ||||||
Effects of Deconsolidation of Subsidiaries [Line Items] | ||||||
Ownership percentage | 20.00% |
Deconsolidation of a Subsidia_4
Deconsolidation of a Subsidiary - Schedule of Deconsolidation of Subsidiary (Detail) - CNY (¥) ¥ in Thousands | Oct. 31, 2017 | Mar. 31, 2018 |
Effects of Deconsolidation of Subsidiaries [Line Items] | ||
Gain on deconsolidation of a subsidiary | ¥ 13,592 | |
iSNOB Holding Limited | ||
Effects of Deconsolidation of Subsidiaries [Line Items] | ||
Receivables of the Company due from iSNOB as of October 31, 2017 | ¥ 1,968 | |
Proportionate share of iSNOB's net assets as of October 31, 2017 | 1,250 | |
Cash consideration | 1,190 | |
Total consideration | 4,408 | |
Fair value of investment in iSNOB | 18,000 | |
Gain on deconsolidation of a subsidiary | ¥ 13,592 |
Investments - Summary of Long-T
Investments - Summary of Long-Term Investments (Detail) ¥ in Thousands, $ in Thousands | Mar. 31, 2019USD ($) | Mar. 31, 2019CNY (¥) | Nov. 20, 2018CNY (¥) | Mar. 31, 2018CNY (¥) | Mar. 31, 2017CNY (¥) |
Schedule of Investments [Line Items] | |||||
Available-for-sale investments | ¥ 72,459 | ¥ 50,636 | ¥ 10,935 | ||
Total | $ 36,018 | 241,721 | 201,037 | ||
JM Weshop (Cayman) Inc. | |||||
Schedule of Investments [Line Items] | |||||
Equity method investment | 169,262 | 150,401 | |||
Shanghai Kuailaimai Information and Technology Co., Ltd. | |||||
Schedule of Investments [Line Items] | |||||
Available-for-sale investments | 14,259 | 15,847 | |||
iSNOB Holding Limited | |||||
Schedule of Investments [Line Items] | |||||
Available-for-sale investments | 38,378 | 20,768 | |||
Huzan Inc. | |||||
Schedule of Investments [Line Items] | |||||
Available-for-sale investments | ¥ 19,822 | ¥ 13,658 | ¥ 14,021 |
Investments - Schedule of Avail
Investments - Schedule of Available-for-sale Investments (Detail) - CNY (¥) ¥ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 |
Investments, Debt and Equity Securities [Abstract] | |||
Cost | ¥ 31,235 | ¥ 35,500 | ¥ 7,500 |
Unrealized Gains, including foreign exchange adjustment | 41,224 | 15,136 | 3,435 |
Fair Value | ¥ 72,459 | ¥ 50,636 | ¥ 10,935 |
Investments - Additional Inform
Investments - Additional Information (Detail) ¥ in Thousands, $ in Thousands | Nov. 20, 2018USD ($)shares | Nov. 20, 2018CNY (¥)shares | Jan. 31, 2018CNY (¥) | Apr. 30, 2015CNY (¥) | Mar. 31, 2019USD ($) | Mar. 31, 2019CNY (¥)shares | Mar. 31, 2018CNY (¥) | Mar. 31, 2017CNY (¥) | Mar. 01, 2018shares | Oct. 31, 2017 |
Schedule of Investments [Line Items] | ||||||||||
Available-for-sale investment | ¥ 72,459 | ¥ 50,636 | ¥ 10,935 | |||||||
Unrealized securities holding gain/(loss), net of tax | $ 3,735 | 25,067 | 10,866 | 1,000 | ||||||
Foreign currency translation adjustments in other comprehensive income | 8,261 | 55,440 | (81,141) | 96,010 | ||||||
Gain from investment disposal | 4,654 | 31,236 | ||||||||
Investment gain | 9,393 | 158,627 | ||||||||
Share of income/(loss) of equity investee | 857 | 5,752 | (4,982) | |||||||
Share of other comprehensive income/(loss) of equity method investee | $ 140 | ¥ 938 | (2,124) | |||||||
iSNOB Holding Limited | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Percentage owned | 14.50% | 18.00% | ||||||||
Available-for-sale investment | ¥ 38,378 | 20,768 | ||||||||
Unrealized securities holding gain/(loss), net of tax | 15,670 | 2,938 | ||||||||
Foreign currency translation adjustments in other comprehensive income | ¥ 1,470 | 1,129 | ||||||||
iSNOB Holding Limited | Redeemable Convertible Preferred Stock | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Convertible and redeemable preferred shares held | shares | 18,000,000 | |||||||||
Huzan Inc. | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Percentage owned | 6.72% | 20.00% | ||||||||
Cash consideration | ¥ 10,000 | |||||||||
Available-for-sale investment | ¥ 13,658 | ¥ 19,822 | 14,021 | |||||||
Unrealized securities holding gain/(loss), net of tax | 10,985 | 3,016 | ||||||||
Foreign currency translation adjustments in other comprehensive income | (919) | |||||||||
Shares repurchased by investee | shares | 6,246,877 | 6,246,877 | ||||||||
Shares repurchased by investee, total price | $ 5,172 | ¥ 35,501 | ||||||||
Gain from investment disposal | ¥ 31,236 | |||||||||
Shanghai Kuailaimai Information and Technology Co., Ltd. | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Percentage owned | 25.00% | |||||||||
Cash consideration | ¥ 7,500 | |||||||||
Available-for-sale investment | 14,259 | 15,847 | ||||||||
Unrealized securities holding gain/(loss), net of tax | ¥ (1,588) | 4,912 | ¥ 1,000 | |||||||
JM Weshop (Cayman) Inc. | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Equity method investment shares owned | shares | 40,000,000 | |||||||||
Equity method investment ownership percentage | 40.00% | |||||||||
ESOP Shares that may be transferred to grantees who are employees of JM Weshop | shares | 10,000,000 | |||||||||
ESOP Shares granted | shares | 0 | |||||||||
Investment gain | 158,627 | |||||||||
Share of income/(loss) of equity investee | ¥ 2,312 | (4,923) | ||||||||
Share of other comprehensive income/(loss) of equity method investee | (1,186) | (2,124) | ||||||||
JM Weshop (Cayman) Inc. | Investment Cost | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Share based compensation expenses | 1,084 | 23 | ||||||||
JM Weshop (Cayman) Inc. | Share of Results of Equity Investee | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Share based compensation expenses | ¥ 1,483 | ¥ 36 | ||||||||
JM Weshop (Cayman) Inc. | Flying Get Limited | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Ownership interest | 60.00% |
Investments - Summary of Gain f
Investments - Summary of Gain from Investment Disposal (Detail) ¥ in Thousands, $ in Thousands | Nov. 20, 2018USD ($) | Nov. 20, 2018CNY (¥) | Mar. 31, 2019USD ($) | Mar. 31, 2019CNY (¥) | Mar. 31, 2018CNY (¥) | Mar. 31, 2017CNY (¥) |
Schedule of Investments [Line Items] | ||||||
Less: Carrying value of investment as at November 20, 2018 | ¥ (72,459) | ¥ (50,636) | ¥ (10,935) | |||
Gain from investment disposal | $ 4,654 | 31,236 | ||||
Huzan Inc. | ||||||
Schedule of Investments [Line Items] | ||||||
Cash consideration collected | $ 5,172 | ¥ 35,501 | ||||
Less: Carrying value of investment as at November 20, 2018 | (13,658) | ¥ (19,822) | ¥ (14,021) | |||
Add: Realized gain in other comprehensive income | 9,393 | |||||
Gain from investment disposal | ¥ 31,236 |
Investments - Carrying Amount a
Investments - Carrying Amount and Unrealized Securities Holding Loss for Investment in JM Weshop (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019USD ($) | Mar. 31, 2019CNY (¥) | Mar. 31, 2018CNY (¥) | |
Schedule of Equity Method Investments [Line Items] | |||
Share of cumulative (loss)/gain | $ 857 | ¥ 5,752 | ¥ (4,982) |
Share of other comprehensive loss | $ 140 | 938 | (2,124) |
JM Weshop (Cayman) Inc. | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment cost | 159,711 | 158,627 | |
Foreign currency translation | 8,425 | (1,179) | |
Total investment cost | 168,136 | 157,448 | |
Share of cumulative (loss)/gain | 2,312 | (4,923) | |
Share of other comprehensive loss | (1,186) | (2,124) | |
Total booked value under equity method | 1,126 | (7,047) | |
Net book value | ¥ 169,262 | ¥ 150,401 |
Investments - Schedule of Assum
Investments - Schedule of Assumptions Used (Detail) - JM Weshop (Cayman) Inc. - Valuation, Income Approach | Mar. 31, 2018 |
Measurement Input, Discount Rate | |
Schedule of Investments [Line Items] | |
Fair value measurement input | 0.26 |
Minimum | Revenue Growth Rate | |
Schedule of Investments [Line Items] | |
Fair value measurement input | 0.10 |
Minimum | Measurement Input Gross Margin Rate | |
Schedule of Investments [Line Items] | |
Fair value measurement input | (0.200) |
Maximum | Revenue Growth Rate | |
Schedule of Investments [Line Items] | |
Fair value measurement input | 2 |
Maximum | Measurement Input Gross Margin Rate | |
Schedule of Investments [Line Items] | |
Fair value measurement input | 0.535 |
Investments - Equity Method Inv
Investments - Equity Method Investments With Investment Cost Allocated (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||
Mar. 31, 2019USD ($) | Mar. 31, 2019CNY (¥) | Mar. 31, 2018CNY (¥) | Mar. 31, 2019CNY (¥) | Mar. 31, 2017CNY (¥) | Mar. 31, 2016CNY (¥) | |
Schedule of Investments [Line Items] | ||||||
Goodwill | $ 233,737 | ¥ 1,568,653 | ¥ 1,568,653 | ¥ 1,568,653 | ¥ 1,663,961 | |
Cumulative (loss)/gain in equity interest in JM Weshop | 857 | ¥ 5,752 | (4,982) | |||
Cumulative other comprehensive loss in equity interest in JM Weshop | $ 140 | 938 | (2,124) | |||
JM Weshop (Cayman) Inc. | ||||||
Schedule of Investments [Line Items] | ||||||
Carrying value of investment in JM Weshop's | 150,401 | 169,262 | ||||
Proportionate share of JM Weshop's net tangible and intangible assets | 102,127 | 116,379 | ||||
Excess of carrying value of the investment over proportionate share of JM Weshop's net tangible and intangible assets | 48,274 | 52,883 | ||||
Goodwill | 48,274 | ¥ 52,883 | ||||
Cumulative (loss)/gain in equity interest in JM Weshop | 2,312 | (4,923) | ||||
Cumulative other comprehensive loss in equity interest in JM Weshop | (1,186) | (2,124) | ||||
Total | ¥ 1,126 | ¥ (7,047) |
Property, Equipment and Softw_3
Property, Equipment and Software, Net - Property, Equipment and Software (Detail) ¥ in Thousands, $ in Thousands | Mar. 31, 2019USD ($) | Mar. 31, 2019CNY (¥) | Mar. 31, 2018CNY (¥) |
Property, Plant and Equipment [Line Items] | |||
Property, equipment and software, gross | ¥ 74,166 | ¥ 84,614 | |
Less: Accumulated depreciation and amortization | (62,191) | (68,103) | |
Property, equipment and software, net | $ 1,784 | 11,975 | 16,511 |
Electronic Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, equipment and software, gross | 32,756 | 45,198 | |
Furniture and Office Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, equipment and software, gross | 9,326 | 12,463 | |
Leasehold Improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, equipment and software, gross | 27,969 | 22,995 | |
Vehicles | |||
Property, Plant and Equipment [Line Items] | |||
Property, equipment and software, gross | 307 | 307 | |
Computer Softwares | |||
Property, Plant and Equipment [Line Items] | |||
Property, equipment and software, gross | ¥ 3,808 | ¥ 3,651 |
Property, Equipment and Softw_4
Property, Equipment and Software, Net - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation and amortization expenses | ¥ 11,511 | ¥ 61,843 | ¥ 95,676 |
Impairment charges | ¥ 0 | 0 | ¥ 0 |
Server | Disposal Group, Not Discontinued Operations | |||
Property, Plant and Equipment [Line Items] | |||
Disposal plan, carrying amount of assets | 23,540 | ||
Disposal plan, cost of assets | 158,176 | ||
Disposal plan, accumulated depreciation | 134,636 | ||
Disposal plan, total cash consideration | 34,111 | ||
Disposal plan, difference between the carrying amount and the consideration | ¥ 10,571 |
Intangible Assets, Net - Schedu
Intangible Assets, Net - Schedule of Intangible Assets (Detail) ¥ in Thousands, $ in Thousands | Mar. 31, 2019USD ($) | Mar. 31, 2019CNY (¥) | Mar. 31, 2018CNY (¥) |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | ¥ 2,110,333 | ¥ 1,030,272 | |
Accumulated Amortization | (1,093,992) | (899,128) | |
Accumulated Impairment Amount | (14,374) | (14,374) | |
Net Carrying Amount | $ 149,298 | 1,001,967 | 116,770 |
Domain Name | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 12,495 | 3,275 | |
Accumulated Amortization | (1,428) | (954) | |
Net Carrying Amount | 11,067 | 2,321 | |
Insurance Agency License | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 2,848 | 2,848 | |
Accumulated Amortization | (320) | (178) | |
Net Carrying Amount | 2,528 | 2,670 | |
Buyer and Customer Resource | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 462,770 | 462,770 | |
Accumulated Amortization | (462,770) | (462,770) | |
Brand | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 184,470 | 184,470 | |
Accumulated Amortization | (172,110) | (172,110) | |
Accumulated Impairment Amount | (12,360) | (12,360) | |
Strategic Business Resources | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 1,424,593 | 353,969 | |
Accumulated Amortization | (436,405) | (242,190) | |
Net Carrying Amount | 988,188 | 111,779 | |
Technology | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 22,940 | 22,940 | |
Accumulated Amortization | (20,926) | (20,926) | |
Accumulated Impairment Amount | (2,014) | ¥ (2,014) | |
Trademarks | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 217 | ||
Accumulated Amortization | (33) | ||
Net Carrying Amount | ¥ 184 |
Intangible Assets, Net - Additi
Intangible Assets, Net - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2019USD ($) | Mar. 31, 2019CNY (¥) | Mar. 31, 2018CNY (¥) | Mar. 31, 2017CNY (¥) | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expenses for intangible assets | $ 29,037 | ¥ 194,874 | ¥ 384,555 | ¥ 440,772 |
Aimei Tech Holdings Limited | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment charges, intangible asset | 14,374 | |||
Aimei Tech Holdings Limited | Brand | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment charges, intangible asset | 12,360 | |||
Aimei Tech Holdings Limited | Technology | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment charges, intangible asset | ¥ 2,014 |
Intangible Assets, Net - Sche_2
Intangible Assets, Net - Schedule of Amortization Expense (Detail) ¥ in Thousands, $ in Thousands | Mar. 31, 2019USD ($) | Mar. 31, 2019CNY (¥) | Mar. 31, 2018CNY (¥) |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
2020 | ¥ 313,700 | ||
2021 | 313,999 | ||
2022 | 313,999 | ||
2023 | 50,213 | ||
2024 | 951 | ||
Thereafter | 9,105 | ||
Net Carrying Amount | $ 149,298 | ¥ 1,001,967 | ¥ 116,770 |
Goodwill - Schedule of Changes
Goodwill - Schedule of Changes in Carrying Amount of Goodwill (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2019USD ($) | Mar. 31, 2019CNY (¥) | Mar. 31, 2018CNY (¥) | Mar. 31, 2017CNY (¥) | ||
Goodwill [Line Items] | |||||
Goodwill, Gross, Beginning balance | ¥ 1,664,889 | ¥ 1,664,889 | ¥ 1,663,961 | ||
Accumulated impairment loss, Beginning balance | (96,236) | (96,236) | |||
Goodwill, Net, Beginning balance | 1,568,653 | 1,568,653 | 1,663,961 | ||
Transaction during the year | |||||
Additions | [1] | 928 | |||
Impairment | [2] | (96,236) | |||
Goodwill, Gross, Ending balance | 1,664,889 | 1,664,889 | 1,664,889 | ||
Accumulated impairment loss, Ending balance | (96,236) | (96,236) | (96,236) | ||
Goodwill, Net, Ending balance | $ 233,737 | 1,568,653 | 1,568,653 | 1,568,653 | |
Cross-border Business | |||||
Goodwill [Line Items] | |||||
Goodwill, Gross, Beginning balance | 96,236 | 96,236 | 96,236 | ||
Accumulated impairment loss, Beginning balance | (96,236) | (96,236) | |||
Goodwill, Net, Beginning balance | 0 | 96,236 | |||
Transaction during the year | |||||
Impairment | [2] | (96,236) | |||
Goodwill, Gross, Ending balance | 96,236 | 96,236 | 96,236 | ||
Accumulated impairment loss, Ending balance | (96,236) | (96,236) | (96,236) | ||
Goodwill, Net, Ending balance | 0 | ||||
Domestic Business | |||||
Goodwill [Line Items] | |||||
Goodwill, Gross, Beginning balance | 1,568,653 | 1,568,653 | 1,567,725 | ||
Goodwill, Net, Beginning balance | 1,568,653 | 1,568,653 | 1,567,725 | ||
Transaction during the year | |||||
Additions | [1] | 928 | |||
Impairment | 0 | 0 | 0 | ||
Goodwill, Gross, Ending balance | 1,568,653 | 1,568,653 | 1,568,653 | ||
Goodwill, Net, Ending balance | ¥ 1,568,653 | ¥ 1,568,653 | ¥ 1,568,653 | ||
[1] | In October 2016, Hangzhou Juangua entered into a share purchase agreement with Hangzhou MG Co., Ltd. ("Hangzhou MG"). As of the acquisition date, the difference of RMB928 between the total consideration of RMB3,000 and fair value of Hangzhou MG's net assets of RMB2,072 was recognized in goodwill. | ||||
[2] | Goodwill impairment Goodwill is tested for impairment on an annual basis as of March 31, and in between annual tests when an event occurs or circumstances change that could indicate that the goodwill might be impaired. |
Goodwill - Schedule of Change_2
Goodwill - Schedule of Changes in Carrying Amount of Goodwill (Parenthetical) (Detail) ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||
Oct. 31, 2016CNY (¥) | Mar. 31, 2019CNY (¥) | Mar. 31, 2018CNY (¥) | Mar. 31, 2017CNY (¥) | Mar. 31, 2016CNY (¥)Reporting_unit | Mar. 31, 2019USD ($) | Mar. 31, 2019CNY (¥) | Feb. 29, 2016CNY (¥) | ||
Goodwill [Line Items] | |||||||||
Goodwill | ¥ 1,568,653 | ¥ 1,568,653 | ¥ 1,663,961 | $ 233,737 | ¥ 1,568,653 | ||||
Number of reporting units | Reporting_unit | 2 | ||||||||
Impairment loss | [1] | 96,236 | |||||||
Cross-border Business | |||||||||
Goodwill [Line Items] | |||||||||
Goodwill | 0 | ¥ 96,236 | |||||||
Impairment loss | [1] | 96,236 | |||||||
Domestic Business | |||||||||
Goodwill [Line Items] | |||||||||
Goodwill | 1,568,653 | 1,568,653 | 1,567,725 | ¥ 1,568,653 | |||||
Impairment loss | ¥ 0 | ¥ 0 | ¥ 0 | ||||||
Hangzhou MG | |||||||||
Goodwill [Line Items] | |||||||||
Goodwill | ¥ 928 | ||||||||
Total consideration | 3,000 | ||||||||
Fair value of Hangzhou MG's net assets | ¥ 2,072 | ||||||||
Aimei Tech Holdings Limited | |||||||||
Goodwill [Line Items] | |||||||||
Goodwill | ¥ 96,236 | ||||||||
Meiliworks Limited | |||||||||
Goodwill [Line Items] | |||||||||
Goodwill | ¥ 1,567,725 | ||||||||
[1] | Goodwill impairment Goodwill is tested for impairment on an annual basis as of March 31, and in between annual tests when an event occurs or circumstances change that could indicate that the goodwill might be impaired. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Detail) ¥ in Thousands, $ in Thousands | Mar. 31, 2019USD ($) | Mar. 31, 2019CNY (¥) | Mar. 31, 2018CNY (¥) | |
Accrued liabilities and other current liabilities | ||||
Receipts under custody | [1] | ¥ 141,407 | ¥ 205,878 | |
Deposits from merchants | [2] | 223,145 | 303,570 | |
Accrued advertisement expenses | 69,592 | 42,784 | ||
Payables from deemed exercise of share options | [3] | 32,961 | 11,375 | |
Accrued expenses | 12,912 | 17,662 | ||
Deferred revenues | 7,134 | |||
Other payables | 12,368 | 20,083 | ||
Total | $ 73,368 | 492,385 | 608,486 | |
Non-current | ||||
Initial reimbursement payment from depositary bank | [4] | 4,722 | ||
Total | ¥ 497,107 | ¥ 608,486 | ||
[1] | The receipts under custody mainly represent the amounts received by the Group from the registered users for their purchase through the Company's online market platform, and have not been remitted to the third-party merchants yet. | |||
[2] | The customer deposits mainly represent the cash deposits as collateral collected from the merchants of the online platform. The deposit can be withdrawn immediately after the merchants terminate its online shop on the platform. | |||
[3] | The payables from deemed exercise of share options represent the share option exercise price prepaid by the employees for ordinary shares of the Company which will be issued after certain customary legal and tax administrative are completed. | |||
[4] | The Company received initial reimbursement payment of USD935(RMB6,297) from depositary bank in January 2019. The amount will be recorded ratably as other income over a 5 year arrangement period. For the year ended March 31, 2019, the Company has recorded RMB315 in other income. |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Parenthetical) (Detail) - 1 months ended Jan. 31, 2019 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) | CNY (¥) |
Payables and Accruals [Abstract] | |||
Initial reimbursement payment received | $ 935 | ¥ 6,297 | |
Initial reimbursement payment, arrangement period | 5 years | ||
Initial reimbursement payment, recorded in other income | ¥ 315 |
Taxation - Additional Informati
Taxation - Additional Information (Detail) ¥ in Thousands, $ in Thousands | Nov. 30, 2018 | Jan. 01, 2018 | Nov. 08, 2013 | Mar. 31, 2019USD ($) | Mar. 31, 2019CNY (¥) | Mar. 31, 2018CNY (¥) | Mar. 31, 2017CNY (¥) |
Income Taxes [Line Items] | |||||||
Cultural undertaking development fees, percentage of advertising revenues | 3.00% | 3.00% | |||||
Education surcharges rate | 3.00% | 3.00% | |||||
Local education surcharges rate | 2.00% | 2.00% | |||||
Withholding tax | $ (2,565) | ¥ (17,217) | ¥ (88,665) | ¥ (107,687) | |||
Income tax rate | 25.00% | 25.00% | 25.00% | 25.00% | |||
Net operating losses carry forwards, period | 5 years | 5 years | |||||
Withholding income tax rate on dividends distributed by a foreign-invested entity | 10.00% | 10.00% | |||||
Net operating losses carry forwards | ¥ 3,655,712 | ||||||
Minimum | |||||||
Income Taxes [Line Items] | |||||||
Urban construction tax rate | 1.00% | 1.00% | |||||
Preferential tax rate | 12.50% | ||||||
Maximum | |||||||
Income Taxes [Line Items] | |||||||
Urban construction tax rate | 7.00% | 7.00% | |||||
Earliest Tax Year | |||||||
Income Taxes [Line Items] | |||||||
Net operating losses carry forwards, expiration year | 2019 | 2019 | |||||
Latest Tax Year | |||||||
Income Taxes [Line Items] | |||||||
Net operating losses carry forwards, expiration year | 2028 | 2028 | |||||
Hangzhou Juandou Network Technology Co., Ltd. | |||||||
Income Taxes [Line Items] | |||||||
Preferential tax rate | 15.00% | 15.00% | 15.00% | ||||
Net operating losses carry forwards, period | 10 years | ||||||
Hangzhou Juandou Network Technology Co., Ltd. | High and New Technology Enterprises | |||||||
Income Taxes [Line Items] | |||||||
Preferential tax rate period | 3 years | ||||||
Other Subsidiaries | |||||||
Income Taxes [Line Items] | |||||||
Income tax rate | 25.00% | 25.00% | |||||
Hangzhou Shiqu Information and Technology Co., Ltd. | |||||||
Income Taxes [Line Items] | |||||||
Preferential tax rate | 15.00% | 15.00% | |||||
CIT exemption for tax holiday | 2 years | ||||||
Preferential tax rate period | 3 years | ||||||
Net operating losses carry forwards, period | 10 years | ||||||
Hangzhou Juangua Network Co., Ltd. | |||||||
Income Taxes [Line Items] | |||||||
Preferential tax rate | 15.00% | 15.00% | |||||
CIT exemption for tax holiday | 2 years | ||||||
Preferential tax rate period | 3 years | ||||||
Net operating losses carry forwards, period | 10 years | ||||||
Meilishuo (Beijing) Network Technology Co., Ltd. | |||||||
Income Taxes [Line Items] | |||||||
Preferential tax rate, expiration date | Dec. 31, 2017 | Dec. 31, 2017 | |||||
Marketing Services Commissions Financing And Other Services | |||||||
Income Taxes [Line Items] | |||||||
VAT rate | 6.00% | 6.00% | 6.00% | 6.00% | |||
Online Direct Sales | |||||||
Income Taxes [Line Items] | |||||||
VAT rate | 10.00% | 10.00% | 16.00% | 17.00% | |||
Small Scale Taxpayers | |||||||
Income Taxes [Line Items] | |||||||
VAT rate | 3.00% | 3.00% | 3.00% | 3.00% | |||
Cayman Islands | |||||||
Income Taxes [Line Items] | |||||||
Withholding tax | ¥ 0 | ¥ 0 | ¥ 0 | ||||
Hong Kong | |||||||
Income Taxes [Line Items] | |||||||
Income tax rate | 16.50% | 16.50% | |||||
Hong Kong | Minimum | |||||||
Income Taxes [Line Items] | |||||||
Foreign investor ownership threshold, subject to withholding tax | 25.00% | 25.00% | |||||
Hong Kong | Maximum | |||||||
Income Taxes [Line Items] | |||||||
Withholding income tax rate on dividends distributed by a foreign-invested entity | 5.00% | 5.00% |
Taxation - Composition of Incom
Taxation - Composition of Income Taxes Benefits (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2019USD ($) | Mar. 31, 2019CNY (¥) | Mar. 31, 2018CNY (¥) | Mar. 31, 2017CNY (¥) | |
Income Tax Disclosure [Abstract] | ||||
Current income tax expenses | ¥ (6,051) | ¥ (2,654) | ¥ (1,352) | |
Deferred income tax benefits | $ 3,467 | 23,268 | 91,319 | 109,039 |
Total income tax benefits | $ 2,565 | ¥ 17,217 | ¥ 88,665 | ¥ 107,687 |
Taxation - Components of Loss B
Taxation - Components of Loss Before Tax (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2019USD ($) | Mar. 31, 2019CNY (¥) | Mar. 31, 2018CNY (¥) | Mar. 31, 2017CNY (¥) | |
Loss before tax | ||||
Loss from PRC entities | ¥ (426,044) | ¥ (795,673) | ¥ (1,014,112) | |
(loss)/Income from overseas entities | (77,448) | 148,955 | (32,715) | |
Total loss before tax | (503,492) | (646,718) | (1,046,827) | |
Income tax benefits/(expenses) | ||||
Current income tax expenses | (6,051) | (2,654) | (1,352) | |
Deferred tax benefits | $ 3,467 | 23,268 | 91,319 | 109,039 |
Total income tax benefits | $ 2,565 | ¥ 17,217 | ¥ 88,665 | ¥ 107,687 |
Taxation - Reconciliation of Di
Taxation - Reconciliation of Difference Between the PRC Statutory Income Tax Rate and Effective Tax Rate (Detail) | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
PRC Statutory tax rate | 25.00% | 25.00% | 25.00% |
Difference in EIT rates of certain subsidiaries | (3.00%) | 7.00% | (1.00%) |
Permanent book - tax difference | (5.00%) | (8.00%) | (5.00%) |
Additional deduction for research and development expenditures | 2.00% | 1.00% | 1.00% |
Changes in valuation allowance | (16.00%) | (11.00%) | (10.00%) |
Effective tax rate | 3.00% | 14.00% | 10.00% |
Taxation - Significant Componen
Taxation - Significant Components of Deferred Tax Assets (Detail) ¥ in Thousands, $ in Thousands | Mar. 31, 2019USD ($) | Mar. 31, 2019CNY (¥) | Mar. 31, 2018CNY (¥) | Mar. 31, 2017CNY (¥) | Mar. 31, 2016CNY (¥) |
Deferred tax assets: | |||||
Tax losses carried forward and others | ¥ 710,168 | ¥ 628,571 | |||
Carryforwards of un-deducted advertising expenses | 150,530 | 151,608 | |||
Less: valuation allowance | (860,698) | (780,179) | ¥ (707,595) | ¥ (598,530) | |
Net deferred tax assets | 0 | 0 | |||
Deferred tax liabilities: | |||||
Recognition of Intangible assets arisen from business combination and unrealized holding gain | 2,485 | 25,233 | |||
Net deferred tax liabilities | $ 370 | ¥ 2,485 | ¥ 25,233 |
Taxation - Net Operating Loss C
Taxation - Net Operating Loss Carry Forwards From PRC Entities (Detail) ¥ in Thousands | Mar. 31, 2019CNY (¥) |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | ¥ 3,655,712 |
2019 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | 465,625 |
2020 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | 799,821 |
2021 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | 371,700 |
2022 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | 157,649 |
2023 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | 66,122 |
Thereafter | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | ¥ 1,794,795 |
Taxation - Schedule of Movement
Taxation - Schedule of Movement of Valuation Allowance (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Balance at beginning of the period | ¥ 780,179 | ¥ 707,595 | ¥ 598,530 |
Addition | 83,516 | 73,480 | 114,408 |
Written off for expiration of net operating losses | (5,343) | ||
Utilization of previously unrecognized tax loss and un-deductible advertising expenses | (2,997) | (896) | |
Balance at end of the period | ¥ 860,698 | ¥ 780,179 | ¥ 707,595 |
Ordinary Shares - Additional In
Ordinary Shares - Additional Information (Detail) $ / shares in Units, ¥ in Thousands, $ in Thousands | Dec. 18, 2018$ / sharesshares | Dec. 10, 2018$ / sharesshares | May 16, 2014USD ($)$ / sharesshares | Nov. 21, 2013USD ($)$ / sharesshares | May 24, 2013$ / shares | Jan. 24, 2013USD ($)$ / sharesshares | Jan. 19, 2012USD ($)$ / sharesshares | Nov. 30, 2011USD ($)$ / sharesshares | Dec. 31, 2018$ / sharesshares | Mar. 31, 2019Vote / shares$ / sharesshares | Dec. 09, 2018USD ($)Vote / shares$ / sharesshares | Mar. 31, 2019CNY (¥)Vote / sharesshares | Mar. 31, 2018CNY (¥) | Mar. 31, 2017CNY (¥)shares | Mar. 31, 2018$ / sharesshares | Mar. 31, 2016shares | May 23, 2013$ / shares |
Class of Stock [Line Items] | |||||||||||||||||
Ordinary shares, par value | $ / shares | $ 0.00001 | $ 0.00100 | |||||||||||||||
Number of shares subdivided into for each share | 100 | ||||||||||||||||
Ordinary shares, shares authorized | 50,000,000,000 | 3,263,949,065 | |||||||||||||||
Authorized share capital | $ | $ 500,000 | ||||||||||||||||
Ordinary Shares issued, price per share | $ / shares | $ 0.45 | ||||||||||||||||
Minimum percentage threshold of ownership in the Company where Tencent has veto power | 50.00% | ||||||||||||||||
Number of Class A ordinary shares each Class B ordinary share is convertible into | 1 | ||||||||||||||||
Ordinary shares cancelled | 29,342,994 | 41,767,800 | 19,380,900 | 4,180,200 | 26,666,700 | ||||||||||||
Xincheng Investment Limited | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Ordinary shares transferred, shares | 41,767,800 | 19,380,900 | |||||||||||||||
Ordinary shares transferred, price per share | $ / shares | $ 0.1651 | $ 0.1548 | |||||||||||||||
Ordinary shares transferred, total amount | $ | $ 6,896 | $ 3,000 | |||||||||||||||
Votion Limited | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Ordinary shares transferred, shares | 29,342,994 | 4,180,200 | 26,666,700 | ||||||||||||||
Ordinary shares transferred, price per share | $ / shares | $ 0.3987 | $ 0.003 | $ 0.045 | ||||||||||||||
Ordinary shares transferred, total amount | $ | $ 11,700 | $ 13 | $ 1,200 | ||||||||||||||
IPO | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Ordinary Shares issued | 4,834,910 | ||||||||||||||||
Ordinary Shares issued, price per share | $ / shares | $ 14 | ||||||||||||||||
Class A Ordinary Shares | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Ordinary shares, par value | $ / shares | $ 0.00001 | $ 0.00001 | $ 0.00001 | ||||||||||||||
Ordinary shares, shares authorized | 49,000,000,000 | 49,000,000,000 | 49,000,000,000 | ||||||||||||||
Ordinary shares, shares issued | 2,371,289,450 | 335,534,850 | |||||||||||||||
Ordinary shares, shares outstanding | 2,371,289,450 | 335,534,850 | 335,534,850 | 340,583,121 | |||||||||||||
Ordinary Shares issued | 120,872,750 | ||||||||||||||||
Number of votes each ordinary share is entitled | Vote / shares | 1 | ||||||||||||||||
Ordinary shares, conversion basis | If any Class C Ordinary Share ceases to be beneficially owned by Mr. Chen Qi, such Class C Ordinary Shares shall be automatically converted into Class A Ordinary Shares on a 1:1 basis upon such cessation of beneficial ownership. Any Class C Ordinary Shares may be converted into Class A Ordinary Shares on a 1:1 basis at the option of the holder thereof. Upon the earlier of (A) Mr. Chen Qi ceasing to serve as the Chief Executive Officer of the Company, and (B) the occurrence of a relevant material breach trigger, all of the Class C Ordinary Shares beneficially owned by Mr. Chen Qi shall automatically be converted into Class A Ordinary Shares on a 1:1 basis. | ||||||||||||||||
Class A Ordinary Shares | IPO | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Ordinary Shares issued | 118,750,000 | ||||||||||||||||
Ordinary Shares issued, price per share | $ / shares | $ 0.56 | ||||||||||||||||
Class A Ordinary Shares | Over-Allotment Option | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Ordinary Shares issued | 2,122,750 | ||||||||||||||||
Ordinary Shares issued, price per share | $ / shares | $ 0.56 | ||||||||||||||||
Class B Ordinary Shares | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Ordinary shares, par value | $ / shares | $ 0.00001 | $ 0.00001 | |||||||||||||||
Ordinary shares, shares authorized | 500,000,000 | 500,000,000 | |||||||||||||||
Ordinary shares, shares issued | 303,234,004 | 90,491,694 | |||||||||||||||
Ordinary shares, shares outstanding | 303,234,004 | 90,491,694 | |||||||||||||||
Number of votes each ordinary share is entitled | Vote / shares | 30 | 1 | |||||||||||||||
Class C Ordinary Shares | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Ordinary shares, par value | $ / shares | $ 0.00001 | ||||||||||||||||
Ordinary shares, shares issued | 215,243,513 | ||||||||||||||||
Ordinary shares, shares outstanding | 215,243,513 | 215,243,513 | 215,243,513 | ||||||||||||||
Number of votes each ordinary share is entitled | Vote / shares | 30 | ||||||||||||||||
Ordinary shares, conversion basis | No ordinary share may be converted into Class C Ordinary Shares, except that any ordinary shares beneficially owned by Mr. Chen Qi (if not already Class C Ordinary Shares) shall be automatically converted into Class C Ordinary Shares on a 1:1 basis upon commencement of such beneficial ownership. | ||||||||||||||||
Other Classes of Stock | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Ordinary shares, par value | $ / shares | $ 0.00001 | ||||||||||||||||
Ordinary shares, shares authorized | 500,000,000 | ||||||||||||||||
Class B-1 Ordinary Shares | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Ordinary shares issued | 19,380,900 | ||||||||||||||||
Class B-2 Ordinary Shares | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Ordinary shares issued | 41,767,800 | ||||||||||||||||
Class B-3 Ordinary Shares | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Ordinary shares issued | 29,342,994 | ||||||||||||||||
Convertible Redeemable Class B Ordinary Shares | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Ordinary shares, conversion basis | Any Convertible Redeemable Class B Ordinary Shares may be converted into Class A Ordinary Shares on a 1:1 basis at the option of the holder thereof. | ||||||||||||||||
Adjustment to additional paid in capital from difference in carrying value of related share capitals and the initial value of Convertible redeemable Class B Ordinary Shares | ¥ | ¥ 140,255 | ||||||||||||||||
Accretive costs | ¥ | ¥ 0 | ¥ 0 | ¥ 0 |
Convertible Redeemable Prefer_3
Convertible Redeemable Preferred Shares - Additional Information (Detail) $ / shares in Units, ¥ in Thousands, $ in Thousands | Jul. 18, 2018$ / shares | Jun. 03, 2016USD ($)$ / sharesshares | Feb. 03, 2016USD ($)$ / sharesshares | Feb. 03, 2016CNY (¥)shares | Jan. 30, 2016USD ($)$ / sharesshares | Oct. 30, 2015USD ($)$ / sharesshares | May 30, 2014USD ($)$ / sharesshares | May 16, 2014USD ($)$ / sharesshares | Nov. 21, 2013shares | Jan. 24, 2013USD ($)$ / sharesshares | Sep. 24, 2012USD ($)$ / sharesshares | Jan. 19, 2012USD ($)$ / sharesshares | Nov. 30, 2011USD ($)$ / sharesshares | Mar. 31, 2019USD ($) | Mar. 31, 2019CNY (¥) | Mar. 31, 2017CNY (¥) | Mar. 31, 2019CNY (¥) | Jul. 18, 2018CNY (¥)shares | Mar. 31, 2018$ / shares | Mar. 31, 2018CNY (¥)shares | Mar. 31, 2017$ / sharesshares | Feb. 03, 2016CNY (¥)shares |
Temporary Equity [Line Items] | ||||||||||||||||||||||
Ordinary shares cancelled | shares | 29,342,994 | 41,767,800 | 19,380,900 | 4,180,200 | 26,666,700 | |||||||||||||||||
Strategic business recources recognized as intangible assets, total fair value | $ 149,298 | ¥ 1,001,967 | ¥ 116,770 | |||||||||||||||||||
Embedded derivatives requiring bifurcation | ¥ | ¥ 0 | |||||||||||||||||||||
Deemed dividend to holders of mezzanine equity | 13,273 | ¥ 89,076 | ||||||||||||||||||||
Votion Limited | ||||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||||
Ordinary shares transferred, shares | shares | 29,342,994 | 4,180,200 | 26,666,700 | |||||||||||||||||||
Ordinary shares transferred, price per share | $ 0.3987 | $ 0.003 | $ 0.045 | |||||||||||||||||||
Ordinary shares transferred, total amount | $ | $ 11,700 | $ 13 | $ 1,200 | |||||||||||||||||||
Convertible Redeemable Series A Preferred Shares | ||||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||||
Convertible redeemable preferred shares, shares issued | shares | 166,666,700 | 825,308,112 | ||||||||||||||||||||
Convertible redeemable preferred shares, price per share | $ 0.02 | |||||||||||||||||||||
Convertible redeemable preferred shares, total amount | $ | $ 3,333 | |||||||||||||||||||||
Convertible redeemable preferred shares, par value | $ 0.00001 | $ 0.00001 | ||||||||||||||||||||
Ordinary shares issued | shares | 4,180,200 | 26,666,700 | ||||||||||||||||||||
Convertible redeemable preferred shares, issuance costs | $ | 255 | |||||||||||||||||||||
Convertible Redeemable Series B Preferred Shares | ||||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||||
Convertible redeemable preferred shares, shares issued | shares | 148,000,000 | 484,741,676 | ||||||||||||||||||||
Convertible redeemable preferred shares, price per share | $ 0.078 | |||||||||||||||||||||
Convertible redeemable preferred shares, total amount | $ | $ 11,550 | |||||||||||||||||||||
Convertible redeemable preferred shares, par value | $ 0.00001 | 0.00001 | ||||||||||||||||||||
Convertible redeemable preferred shares, issuance costs | $ | 183 | |||||||||||||||||||||
Convertible Redeemable Series B-1 Preferred Shares | ||||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||||
Convertible redeemable preferred shares, shares issued | shares | 116,285,700 | 290,169,609 | 290,169,609 | |||||||||||||||||||
Convertible redeemable preferred shares, price per share | $ 0.2064 | |||||||||||||||||||||
Convertible redeemable preferred shares, total amount | $ | $ 24,000 | |||||||||||||||||||||
Convertible redeemable preferred shares, par value | $ 0.00001 | 0.00001 | $ 0.00001 | |||||||||||||||||||
Convertible Redeemable Series B-2 Preferred Shares | ||||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||||
Convertible redeemable preferred shares, shares issued | shares | 24,226,200 | 194,572,067 | 194,572,067 | |||||||||||||||||||
Convertible redeemable preferred shares, price per share | $ 0.2064 | |||||||||||||||||||||
Convertible redeemable preferred shares, total amount | $ | $ 5,000 | |||||||||||||||||||||
Convertible redeemable preferred shares, par value | $ 0.00001 | 0.00001 | $ 0.00001 | |||||||||||||||||||
Convertible Redeemable Series B-2 Preferred Shares | Meiliworks Limited | ||||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||||
Business combination, shares issued | shares | 194,572,067 | 194,572,067 | ||||||||||||||||||||
Convertible Redeemable Series C Preferred Shares | ||||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||||
Convertible redeemable preferred shares, shares issued | shares | 81,508,317 | 208,661,292 | 357,292,862 | |||||||||||||||||||
Convertible redeemable preferred shares, price per share | $ 0.6134 | $ 0.6134 | ||||||||||||||||||||
Convertible redeemable preferred shares, total amount | $ | $ 50,000 | $ 128,000 | ||||||||||||||||||||
Convertible redeemable preferred shares, par value | $ 0.00001 | $ 0.00001 | 0.00001 | |||||||||||||||||||
Convertible redeemable preferred shares, issuance costs | $ | $ 3,767 | |||||||||||||||||||||
Convertible Redeemable Series D Preferred Shares | ||||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||||
Convertible redeemable preferred shares, shares issued | shares | 103,646,132 | 103,646,131 | ||||||||||||||||||||
Convertible redeemable preferred shares, price per share | $ 0.9648 | $ 0.9648 | ||||||||||||||||||||
Convertible redeemable preferred shares, total amount | $ | $ 100,000 | $ 100,000 | ||||||||||||||||||||
Convertible redeemable preferred shares, par value | $ 0.00001 | $ 0.00001 | ||||||||||||||||||||
Class A Ordinary Shares | Meiliworks Limited | ||||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||||
Business combination, shares issued | shares | 117,662,806 | 117,662,806 | ||||||||||||||||||||
Convertible Redeemable Series A-1 Preferred Shares | ||||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||||
Convertible redeemable preferred shares, shares issued | shares | 91,289,618 | 91,289,618 | ||||||||||||||||||||
Convertible redeemable preferred shares, par value | 0.00001 | $ 0.00001 | ||||||||||||||||||||
Convertible Redeemable Series A-1 Preferred Shares | Meiliworks Limited | ||||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||||
Business combination, shares issued | shares | 91,289,618 | 91,289,618 | ||||||||||||||||||||
Convertible Redeemable Series A-3 Preferred Shares | ||||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||||
Convertible redeemable preferred shares, shares issued | shares | 95,898,640 | 95,898,640 | ||||||||||||||||||||
Convertible redeemable preferred shares, par value | 0.00001 | $ 0.00001 | ||||||||||||||||||||
Convertible Redeemable Series A-3 Preferred Shares | Meiliworks Limited | ||||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||||
Business combination, shares issued | shares | 95,898,640 | 95,898,640 | ||||||||||||||||||||
Convertible Redeemable Series A-5 Preferred Shares | ||||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||||
Convertible redeemable preferred shares, shares issued | shares | 43,262,547 | 43,262,547 | ||||||||||||||||||||
Convertible redeemable preferred shares, par value | 0.00001 | $ 0.00001 | ||||||||||||||||||||
Convertible Redeemable Series A-5 Preferred Shares | Meiliworks Limited | ||||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||||
Business combination, shares issued | shares | 43,262,547 | 43,262,547 | ||||||||||||||||||||
Convertible Redeemable Series A-6 Preferred Shares | ||||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||||
Convertible redeemable preferred shares, shares issued | shares | 117,192,207 | 117,192,207 | ||||||||||||||||||||
Convertible redeemable preferred shares, par value | 0.00001 | $ 0.00001 | ||||||||||||||||||||
Convertible Redeemable Series A-6 Preferred Shares | Meiliworks Limited | ||||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||||
Business combination, shares issued | shares | 117,192,207 | 117,192,207 | ||||||||||||||||||||
Convertible Redeemable Series C-1 Preferred Shares | ||||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||||
Convertible redeemable preferred shares, shares issued | shares | 207,292,263 | 215,946,767 | 215,946,767 | 215,946,767 | ||||||||||||||||||
Convertible redeemable preferred shares, price per share | $ 0.9262 | $ 0.9648 | ||||||||||||||||||||
Convertible redeemable preferred shares, par value | 0.00001 | $ 0.00001 | ||||||||||||||||||||
Convertible Redeemable Series C-2 Preferred Shares | ||||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||||
Convertible redeemable preferred shares, shares issued | shares | 111,899,688 | 111,899,688 | 111,899,688 | |||||||||||||||||||
Convertible redeemable preferred shares, price per share | $ 1.0188 | |||||||||||||||||||||
Convertible redeemable preferred shares, total amount | $ | $ 100,000 | |||||||||||||||||||||
Convertible redeemable preferred shares, par value | $ 0.00001 | 0.00001 | $ 0.00001 | |||||||||||||||||||
Convertible Redeemable Series C-2 Preferred Shares | Tencent Group | ||||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||||
Strategic business recources recognized as intangible assets, total fair value | ¥ | ¥ 59,229 | |||||||||||||||||||||
Processing fees | ¥ | ¥ 32,500 | |||||||||||||||||||||
Convertible Redeemable Series C-3 Preferred Shares | ||||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||||
Convertible redeemable preferred shares, shares issued | shares | 29,446,407 | 157,047,506 | 29,446,407 | 29,446,407 | ||||||||||||||||||
Convertible redeemable preferred shares, price per share | $ 1.0188 | $ 1.0188 | ||||||||||||||||||||
Convertible redeemable preferred shares, total amount | $ 30,000 | ¥ 1,069,753 | ¥ 192,142 | |||||||||||||||||||
Convertible redeemable preferred shares, par value | $ 0.00001 | $ 0.00001 | $ 0.00001 | |||||||||||||||||||
Convertible Redeemable Series C-3 Preferred Shares | Tencent Group | ||||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||||
Strategic business recources recognized as intangible assets, total fair value | ¥ | ¥ 1,070,624 | |||||||||||||||||||||
Traffic support and marketing support to the Company, period | 5 years |
Convertible Redeemable Prefer_4
Convertible Redeemable Preferred Shares - Schedule of Preferred Shares Activities (Detail) ¥ in Thousands, $ in Thousands | Jun. 03, 2016USD ($) | Feb. 03, 2016USD ($) | Jan. 24, 2013USD ($) | Sep. 24, 2012USD ($) | Mar. 31, 2019USD ($)shares | Mar. 31, 2019CNY (¥)shares | Mar. 31, 2018CNY (¥)shares | Mar. 31, 2017CNY (¥)shares |
Temporary Equity [Line Items] | ||||||||
Beginning Balance, Amount | ¥ 7,384,872 | |||||||
Accretion on convertible redeemable preferred shares to redemption value, Amount | $ 75,978 | ¥ 509,904 | ¥ 688,240 | ¥ 601,902 | ||||
Ending Balance, Amount | ¥ 7,384,872 | |||||||
Convertible Redeemable Series A-1 Preferred Shares | ||||||||
Temporary Equity [Line Items] | ||||||||
Beginning Balance, Number of shares | shares | 91,289,618 | 91,289,618 | 91,289,618 | 91,289,618 | ||||
Conversion to ordinary shares upon IPO, Number of shares | shares | (91,289,618) | (91,289,618) | ||||||
Ending Balance, Number of shares | shares | 91,289,618 | 91,289,618 | ||||||
Beginning Balance, Amount | ¥ 207,287 | ¥ 207,287 | ¥ 207,287 | |||||
Conversion to ordinary shares upon IPO, Amount | ¥ (207,287) | |||||||
Ending Balance, Amount | ¥ 207,287 | ¥ 207,287 | ||||||
Convertible Redeemable Series A-2 Preferred Shares | ||||||||
Temporary Equity [Line Items] | ||||||||
Beginning Balance, Number of shares | shares | 189,153,200 | 189,153,200 | 189,153,200 | 189,153,200 | ||||
Conversion to ordinary shares upon IPO, Number of shares | shares | (189,153,200) | (189,153,200) | ||||||
Ending Balance, Number of shares | shares | 189,153,200 | 189,153,200 | ||||||
Beginning Balance, Amount | ¥ 40,503 | ¥ 38,405 | ¥ 36,415 | |||||
Accretion on convertible redeemable preferred shares to redemption value, Amount | 1,833 | 2,098 | 1,990 | |||||
Conversion to ordinary shares upon IPO, Amount | ¥ (42,336) | |||||||
Ending Balance, Amount | ¥ 40,503 | ¥ 38,405 | ||||||
Convertible Redeemable Series A-3 Preferred Shares | ||||||||
Temporary Equity [Line Items] | ||||||||
Beginning Balance, Number of shares | shares | 95,898,640 | 95,898,640 | 95,898,640 | 95,898,640 | ||||
Conversion to ordinary shares upon IPO, Number of shares | shares | (95,898,640) | (95,898,640) | ||||||
Ending Balance, Number of shares | shares | 95,898,640 | 95,898,640 | ||||||
Beginning Balance, Amount | ¥ 221,137 | ¥ 221,137 | ¥ 221,137 | |||||
Conversion to ordinary shares upon IPO, Amount | ¥ (221,137) | |||||||
Ending Balance, Amount | ¥ 221,137 | ¥ 221,137 | ||||||
Convertible Redeemable Series A-4 Preferred Shares | ||||||||
Temporary Equity [Line Items] | ||||||||
Beginning Balance, Number of shares | shares | 148,000,000 | 148,000,000 | 148,000,000 | 148,000,000 | ||||
Conversion to ordinary shares upon IPO, Number of shares | shares | (148,000,000) | (148,000,000) | ||||||
Ending Balance, Number of shares | shares | 148,000,000 | 148,000,000 | ||||||
Beginning Balance, Amount | ¥ 120,509 | ¥ 114,125 | ¥ 108,078 | |||||
Accretion on convertible redeemable preferred shares to redemption value, Amount | 5,481 | 6,384 | 6,047 | |||||
Conversion to ordinary shares upon IPO, Amount | ¥ (125,990) | |||||||
Ending Balance, Amount | ¥ 120,509 | ¥ 114,125 | ||||||
Convertible Redeemable Series A-5 Preferred Shares | ||||||||
Temporary Equity [Line Items] | ||||||||
Beginning Balance, Number of shares | shares | 43,262,547 | 43,262,547 | 43,262,547 | 43,262,547 | ||||
Conversion to ordinary shares upon IPO, Number of shares | shares | (43,262,547) | (43,262,547) | ||||||
Ending Balance, Number of shares | shares | 43,262,547 | 43,262,547 | ||||||
Beginning Balance, Amount | ¥ 130,292 | ¥ 121,026 | ¥ 112,418 | |||||
Accretion on convertible redeemable preferred shares to redemption value, Amount | 7,066 | 9,266 | 8,608 | |||||
Conversion to ordinary shares upon IPO, Amount | ¥ (137,358) | |||||||
Ending Balance, Amount | ¥ 130,292 | ¥ 121,026 | ||||||
Convertible Redeemable Series A-6 Preferred Shares | ||||||||
Temporary Equity [Line Items] | ||||||||
Beginning Balance, Number of shares | shares | 117,192,207 | 117,192,207 | 117,192,207 | 117,192,207 | ||||
Conversion to ordinary shares upon IPO, Number of shares | shares | (117,192,207) | (117,192,207) | ||||||
Ending Balance, Number of shares | shares | 117,192,207 | 117,192,207 | ||||||
Beginning Balance, Amount | ¥ 449,814 | ¥ 386,161 | ¥ 331,516 | |||||
Accretion on convertible redeemable preferred shares to redemption value, Amount | 40,619 | 63,653 | 54,645 | |||||
Conversion to ordinary shares upon IPO, Amount | ¥ (490,433) | |||||||
Ending Balance, Amount | ¥ 449,814 | ¥ 386,161 | ||||||
Convertible Redeemable Series A-7 Preferred Shares | ||||||||
Temporary Equity [Line Items] | ||||||||
Beginning Balance, Number of shares | shares | 140,511,900 | 140,511,900 | 140,511,900 | 140,511,900 | ||||
Conversion to ordinary shares upon IPO, Number of shares | shares | (140,511,900) | (140,511,900) | ||||||
Ending Balance, Number of shares | shares | 140,511,900 | 140,511,900 | ||||||
Beginning Balance, Amount | ¥ 286,420 | ¥ 269,916 | ¥ 254,369 | |||||
Accretion on convertible redeemable preferred shares to redemption value, Amount | 13,655 | 16,504 | 15,547 | |||||
Conversion to ordinary shares upon IPO, Amount | ¥ (300,075) | |||||||
Ending Balance, Amount | ¥ 286,420 | ¥ 269,916 | ||||||
Convertible Redeemable Series B-1 Preferred Shares | ||||||||
Temporary Equity [Line Items] | ||||||||
Beginning Balance, Number of shares | shares | 290,169,609 | 290,169,609 | 290,169,609 | 290,169,609 | ||||
Conversion to ordinary shares upon IPO, Number of shares | shares | (290,169,609) | (290,169,609) | ||||||
Ending Balance, Number of shares | shares | 290,169,609 | 290,169,609 | ||||||
Beginning Balance, Amount | ¥ 1,496,762 | ¥ 1,398,646 | ¥ 1,306,962 | |||||
Accretion on convertible redeemable preferred shares to redemption value, Amount | 76,993 | 98,116 | 91,684 | |||||
Issuance of convertible redeemable preferred shares, net of issuance costs, Amount | $ | $ 24,000 | |||||||
Conversion to ordinary shares upon IPO, Amount | ¥ (1,573,755) | |||||||
Ending Balance, Amount | ¥ 1,496,762 | ¥ 1,398,646 | ||||||
Convertible Redeemable Series B-2 Preferred Shares | ||||||||
Temporary Equity [Line Items] | ||||||||
Beginning Balance, Number of shares | shares | 194,572,067 | 194,572,067 | 194,572,067 | 194,572,067 | ||||
Conversion to ordinary shares upon IPO, Number of shares | shares | (194,572,067) | (194,572,067) | ||||||
Ending Balance, Number of shares | shares | 194,572,067 | 194,572,067 | ||||||
Beginning Balance, Amount | ¥ 1,651,817 | ¥ 1,364,817 | ¥ 1,127,682 | |||||
Accretion on convertible redeemable preferred shares to redemption value, Amount | 178,820 | 287,000 | 237,135 | |||||
Issuance of convertible redeemable preferred shares, net of issuance costs, Amount | $ | $ 5,000 | |||||||
Conversion to ordinary shares upon IPO, Amount | ¥ (1,830,637) | |||||||
Ending Balance, Amount | ¥ 1,651,817 | ¥ 1,364,817 | ||||||
Convertible Redeemable Series C-1 Preferred Shares | ||||||||
Temporary Equity [Line Items] | ||||||||
Beginning Balance, Number of shares | shares | 215,946,767 | 215,946,767 | 215,946,767 | 215,946,767 | ||||
Conversion to ordinary shares upon IPO, Number of shares | shares | (215,946,767) | (215,946,767) | ||||||
Ending Balance, Number of shares | shares | 215,946,767 | 215,946,767 | ||||||
Beginning Balance, Amount | ¥ 1,530,747 | ¥ 1,411,671 | ¥ 1,301,866 | |||||
Accretion on convertible redeemable preferred shares to redemption value, Amount | 87,788 | 119,076 | 109,805 | |||||
Conversion to ordinary shares upon IPO, Amount | ¥ (1,618,535) | |||||||
Ending Balance, Amount | ¥ 1,530,747 | ¥ 1,411,671 | ||||||
Convertible Redeemable Series C-2 Preferred Shares | ||||||||
Temporary Equity [Line Items] | ||||||||
Beginning Balance, Number of shares | shares | 111,899,688 | 111,899,688 | 111,899,688 | 111,899,688 | ||||
Conversion to ordinary shares upon IPO, Number of shares | shares | (111,899,688) | (111,899,688) | ||||||
Ending Balance, Number of shares | shares | 111,899,688 | 111,899,688 | ||||||
Beginning Balance, Amount | ¥ 883,494 | ¥ 816,509 | ¥ 754,603 | |||||
Accretion on convertible redeemable preferred shares to redemption value, Amount | 49,943 | 66,985 | 61,906 | |||||
Issuance of convertible redeemable preferred shares, net of issuance costs, Amount | $ | $ 100,000 | |||||||
Conversion to ordinary shares upon IPO, Amount | ¥ (933,437) | |||||||
Ending Balance, Amount | ¥ 883,494 | ¥ 816,509 | ||||||
Convertible Redeemable Series C-3 Preferred Shares | ||||||||
Temporary Equity [Line Items] | ||||||||
Beginning Balance, Number of shares | shares | 29,446,407 | 29,446,407 | 29,446,407 | |||||
Issuance of convertible redeemable preferred shares, net of issuance costs, Number of shares | shares | 157,047,506 | 157,047,506 | 29,446,407 | |||||
Conversion to ordinary shares upon IPO, Number of shares | shares | (186,493,913) | (186,493,913) | ||||||
Ending Balance, Number of shares | shares | 29,446,407 | 29,446,407 | ||||||
Beginning Balance, Amount | ¥ 225,835 | ¥ 206,677 | ||||||
Accretion on convertible redeemable preferred shares to redemption value, Amount | 47,706 | 19,158 | ¥ 14,535 | |||||
Issuance of convertible redeemable preferred shares, net of issuance costs, Amount | $ 30,000 | 1,069,753 | 192,142 | |||||
Conversion to ordinary shares upon IPO, Amount | ¥ (1,343,294) | |||||||
Ending Balance, Amount | ¥ 225,835 | ¥ 206,677 | ||||||
Redeemable Convertible Preferred Stock | ||||||||
Temporary Equity [Line Items] | ||||||||
Beginning Balance, Number of shares | shares | 1,667,342,650 | 1,667,342,650 | 1,667,342,650 | 1,637,896,243 | ||||
Issuance of convertible redeemable preferred shares, net of issuance costs, Number of shares | shares | 157,047,506 | 157,047,506 | 29,446,407 | |||||
Conversion to ordinary shares upon IPO, Number of shares | shares | (1,824,390,156) | (1,824,390,156) | ||||||
Ending Balance, Number of shares | shares | 1,667,342,650 | 1,667,342,650 | ||||||
Beginning Balance, Amount | ¥ 7,244,617 | ¥ 6,556,377 | ¥ 5,762,333 | |||||
Accretion on convertible redeemable preferred shares to redemption value, Amount | 509,904 | 688,240 | 601,902 | |||||
Issuance of convertible redeemable preferred shares, net of issuance costs, Amount | 1,069,753 | 192,142 | ||||||
Conversion to ordinary shares upon IPO, Amount | ¥ (8,824,274) | |||||||
Ending Balance, Amount | ¥ 7,244,617 | ¥ 6,556,377 |
Convertible Redeemable Prefer_5
Convertible Redeemable Preferred Shares - Schedule of Preferred Shares Activities (Parenthetical) (Detail) ¥ in Thousands | Dec. 31, 2018CNY (¥) | Jul. 18, 2018shares | Mar. 31, 2018$ / sharesshares | Mar. 31, 2017$ / sharesshares | Jun. 03, 2016$ / sharesshares | Mar. 31, 2016shares | Feb. 03, 2016$ / sharesshares | Jan. 30, 2016shares | Jan. 24, 2013$ / sharesshares | Sep. 24, 2012$ / sharesshares |
Convertible Redeemable Series A-1 Preferred Shares | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Preferred Shares, par value per share | $ / shares | $ 0.00001 | $ 0.00001 | ||||||||
Preferred Shares, shares authorized | 91,289,618 | 91,289,618 | ||||||||
Preferred Shares, shares issued | 91,289,618 | 91,289,618 | ||||||||
Preferred Shares, shares outstanding | 91,289,618 | 91,289,618 | 91,289,618 | |||||||
Preferred Shares, redemption value | ¥ | ¥ 15,116 | |||||||||
Convertible Redeemable Series A-2 Preferred Shares | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Preferred Shares, par value per share | $ / shares | $ 0.00001 | $ 0.00001 | ||||||||
Preferred Shares, shares authorized | 189,153,200 | 189,153,200 | ||||||||
Preferred Shares, shares issued | 189,153,200 | 189,153,200 | ||||||||
Preferred Shares, shares outstanding | 189,153,200 | 189,153,200 | 189,153,200 | |||||||
Preferred Shares, redemption value | ¥ | 42,684 | |||||||||
Convertible Redeemable Series A-3 Preferred Shares | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Preferred Shares, par value per share | $ / shares | $ 0.00001 | $ 0.00001 | ||||||||
Preferred Shares, shares authorized | 95,898,640 | 95,898,640 | ||||||||
Preferred Shares, shares issued | 95,898,640 | 95,898,640 | ||||||||
Preferred Shares, shares outstanding | 95,898,640 | 95,898,640 | 95,898,640 | |||||||
Preferred Shares, redemption value | ¥ | 83,389 | |||||||||
Convertible Redeemable Series A-4 Preferred Shares | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Preferred Shares, par value per share | $ / shares | $ 0.00001 | $ 0.00001 | ||||||||
Preferred Shares, shares authorized | 148,000,000 | 148,000,000 | ||||||||
Preferred Shares, shares issued | 148,000,000 | 148,000,000 | ||||||||
Preferred Shares, shares outstanding | 148,000,000 | 148,000,000 | 148,000,000 | |||||||
Preferred Shares, redemption value | ¥ | 125,531 | |||||||||
Convertible Redeemable Series A-5 Preferred Shares | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Preferred Shares, par value per share | $ / shares | $ 0.00001 | $ 0.00001 | ||||||||
Preferred Shares, shares authorized | 43,262,547 | 43,262,547 | ||||||||
Preferred Shares, shares issued | 43,262,547 | 43,262,547 | ||||||||
Preferred Shares, shares outstanding | 43,262,547 | 43,262,547 | 43,262,547 | |||||||
Preferred Shares, redemption value | ¥ | 137,703 | |||||||||
Convertible Redeemable Series A-6 Preferred Shares | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Preferred Shares, par value per share | $ / shares | $ 0.00001 | $ 0.00001 | ||||||||
Preferred Shares, shares authorized | 117,192,207 | 117,192,207 | ||||||||
Preferred Shares, shares issued | 117,192,207 | 117,192,207 | ||||||||
Preferred Shares, shares outstanding | 117,192,207 | 117,192,207 | 117,192,207 | |||||||
Preferred Shares, redemption value | ¥ | 504,349 | |||||||||
Convertible Redeemable Series A-7 Preferred Shares | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Preferred Shares, par value per share | $ / shares | $ 0.00001 | $ 0.00001 | ||||||||
Preferred Shares, shares authorized | 140,511,900 | 140,511,900 | ||||||||
Preferred Shares, shares issued | 140,511,900 | 140,511,900 | ||||||||
Preferred Shares, shares outstanding | 140,511,900 | 140,511,900 | 140,511,900 | |||||||
Preferred Shares, redemption value | ¥ | 299,461 | |||||||||
Convertible Redeemable Series B-1 Preferred Shares | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Preferred Shares, par value per share | $ / shares | $ 0.00001 | $ 0.00001 | $ 0.00001 | |||||||
Preferred Shares, shares authorized | 290,169,609 | 290,169,609 | ||||||||
Preferred Shares, shares issued | 290,169,609 | 290,169,609 | 116,285,700 | |||||||
Preferred Shares, shares outstanding | 290,169,609 | 290,169,609 | 290,169,609 | |||||||
Preferred Shares, redemption value | ¥ | 1,574,841 | |||||||||
Convertible Redeemable Series B-2 Preferred Shares | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Preferred Shares, par value per share | $ / shares | $ 0.00001 | $ 0.00001 | $ 0.00001 | |||||||
Preferred Shares, shares authorized | 194,572,067 | 194,572,067 | ||||||||
Preferred Shares, shares issued | 194,572,067 | 194,572,067 | 24,226,200 | |||||||
Preferred Shares, shares outstanding | 194,572,067 | 194,572,067 | 194,572,067 | |||||||
Preferred Shares, redemption value | ¥ | 1,906,021 | |||||||||
Convertible Redeemable Series C-1 Preferred Shares | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Preferred Shares, par value per share | $ / shares | $ 0.00001 | $ 0.00001 | ||||||||
Preferred Shares, shares authorized | 215,946,767 | 215,946,767 | ||||||||
Preferred Shares, shares issued | 215,946,767 | 215,946,767 | 215,946,767 | 207,292,263 | ||||||
Preferred Shares, shares outstanding | 215,946,767 | 215,946,767 | 215,946,767 | |||||||
Preferred Shares, redemption value | ¥ | 1,626,607 | |||||||||
Convertible Redeemable Series C-2 Preferred Shares | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Preferred Shares, par value per share | $ / shares | $ 0.00001 | $ 0.00001 | $ 0.00001 | |||||||
Preferred Shares, shares authorized | 111,899,688 | 111,899,688 | ||||||||
Preferred Shares, shares issued | 111,899,688 | 111,899,688 | 111,899,688 | |||||||
Preferred Shares, shares outstanding | 111,899,688 | 111,899,688 | 111,899,688 | |||||||
Preferred Shares, redemption value | ¥ | 937,315 | |||||||||
Convertible Redeemable Series C-3 Preferred Shares | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Preferred Shares, par value per share | $ / shares | $ 0.00001 | $ 0.00001 | $ 0.00001 | |||||||
Preferred Shares, shares authorized | 98,154,692 | 98,154,692 | ||||||||
Preferred Shares, shares issued | 157,047,506 | 29,446,407 | 29,446,407 | 29,446,407 | ||||||
Preferred Shares, shares outstanding | 29,446,407 | 29,446,407 | ||||||||
Preferred Shares, redemption value | ¥ | ¥ 241,361 |
Share Based Compensation - Addi
Share Based Compensation - Additional Information (Detail) $ / shares in Units, ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||
Jan. 31, 2019shares | Oct. 31, 2018CNY (¥) | Sep. 30, 2018CNY (¥) | Jun. 30, 2018CNY (¥)$ / shares | Jun. 30, 2018CNY (¥)shares | Mar. 31, 2019USD ($)$ / sharesshares | Mar. 31, 2019CNY (¥)shares | Mar. 31, 2018CNY (¥) | Mar. 31, 2017CNY (¥) | Dec. 09, 2011shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Ordinary shares reserved for issuance | shares | 316,317,652 | |||||||||
Share vested term after resignation | 15 days | 15 days | ||||||||
Option granted for the year | shares | 0 | 0 | ||||||||
Stock options exercised | shares | 87,990,491 | 87,990,491 | ||||||||
Stock options exercised, exercise price | $ / shares | $ 0.01 | |||||||||
Stock options exercised, exercise amount | ¥ 5,533 | |||||||||
Loan, repaid | $ 929 | ¥ 6,236 | ||||||||
Mr. Qi Chen | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock options exercised | shares | 87,990,491 | |||||||||
Stock options exercised, exercise price | $ / shares | $ 0.01 | |||||||||
Loan, principal amount | $ 6,840 | ¥ 6,840 | ||||||||
Stock options exercised, exercise amount | 5,533 | |||||||||
Stock options exercised, related tax | ¥ 1,307 | |||||||||
Loan, repaid | ¥ 604 | ¥ 6,236 | ||||||||
Restricted Stock Units (RSUs) | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share based award granted, contractual term | 10 years | 10 years | ||||||||
Share based award granted, vesting period | 4 years | 4 years | ||||||||
Share-based compensation expenses | ¥ 94,148 | ¥ 2,739 | ¥ 0 | |||||||
Unrecognized compensation expense, weighted average period recognized | 3 years 1 month 2 days | 3 years 1 month 2 days | 3 years 2 months 5 days | |||||||
Accelerated vesting, incremental charge | ¥ 19,804 | |||||||||
Unrecognized compensation expense | 288,856 | ¥ 11,236 | ||||||||
Options were vested early under the amended vesting schedule | shares | 4,775,750 | |||||||||
Total fair value of RSUs vested | 3,197 | 93 | 0 | |||||||
Intrinsic value of RSUs vested | ¥ 3,197 | 93 | 0 | |||||||
Employee Stock Option | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share based award granted, contractual term | 10 years | 10 years | ||||||||
Share based award granted, vesting period | 4 years | 4 years | ||||||||
Share-based compensation expenses, requisite service period | 4 years | 4 years | ||||||||
Share-based compensation expenses | ¥ 8,920 | 14,097 | ¥ 20,738 | |||||||
Unrecognized compensation expense | ¥ 4,670 | ¥ 15,336 | ||||||||
Unrecognized compensation expense, weighted average period recognized | 1 year 1 month 13 days | 1 year 1 month 13 days | 1 year 10 months 21 days | |||||||
Accelerated vesting, incremental charge | ¥ 1,555 |
Share Based Compensation - Summ
Share Based Compensation - Summary of Assumptions Used to Value Option Grants Fair Value of Stock Options (Detail) - $ / shares | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term | 10 years | 10 years |
Expected volatility | 47.49% | |
Expected dividend yield | 0.00% | 0.00% |
Risk-free interest rate | 2.40% | |
Fair value of the underlying shares on the date of option grants (US$) | $ 0.45 | |
Fair value of share option (US$) | $ 0.14 | |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 49.24% | |
Exercise multiple | 2.2 | 2.2 |
Expected dividend yield | 0.00% | 0.00% |
Risk-free interest rate | 1.58% | |
Fair value of the underlying shares on the date of option grants (US$) | $ 0.37 | |
Fair value of share option (US$) | $ 0.11 | |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 50.37% | |
Exercise multiple | 2.8 | 2.8 |
Expected dividend yield | 0.00% | 0.00% |
Risk-free interest rate | 1.70% | |
Fair value of the underlying shares on the date of option grants (US$) | $ 0.40 | |
Fair value of share option (US$) | $ 0.39 | |
Staff | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected forfeiture rate (post vesting) | 3.00% | 3.00% |
Management | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected forfeiture rate (post vesting) | 0.00% | 0.00% |
Share Based Compensation - Su_2
Share Based Compensation - Summary of Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Number of share options | ||||
Number of share options, Beginning balance | 183,405,010 | 190,782,730 | 148,864,966 | |
Number of share options, Excercised | (87,990,491) | |||
Number of share options, Granted | 470,000 | 54,021,775 | ||
Number of share options, Forfeited or cancelled (post-vesting) | (3,872,425) | (7,847,720) | (12,104,011) | |
Number of share options, Ending balance | 91,542,094 | 183,405,010 | 190,782,730 | 148,864,966 |
Number of share options, Vested and expected to vest as of March 31, 2019 | 91,542,094 | |||
Number of share options, Exercisable as of March 31, 2019 | 81,792,426 | |||
Weighted Average Exercise Price | ||||
Weighted Average Exercise Price, Beginning balance | $ 0.08 | $ 0.09 | $ 0.03 | |
Weighted Average Exercise Price, Exercised | 0.01 | |||
Weighted Average Exercise Price, Granted | 1.10 | 0.29 | ||
Weighted Average Exercise Price, Forfeited or cancelled (post-vesting) | 0.30 | 0.29 | 0.27 | |
Weighted Average Exercise Price, Ending balance | 0.14 | $ 0.08 | $ 0.09 | $ 0.03 |
Weighted Average Exercise Price, Vested and expected to vest as of March 31, 2019 | 0.14 | |||
Weighted Average Exercise Price, Exercisable as of March 31, 2019 | $ 0.12 | |||
Weighted Average Remaining Contractual Life | ||||
Weighted Average Remaining Contractual Life | 6 years 9 months 11 days | 8 years 1 month 24 days | 8 years 8 months 23 days | |
Weighted Average Remaining Contractual Life, Vested and expected to vest as of March 31, 2019 | 5 years 1 month 27 days | |||
Weighted Average Remaining Contractual Life, Exercisable as of March 31, 2019 | 4 years 4 months 9 days | |||
Aggregate Intrinsic Value | ||||
Aggregate Intrinsic Value | $ 107,465 | $ 60,728 | $ 17,810 | |
Aggregate Intrinsic Value, Vested and expected to vest as of March 31, 2019 | $ 36,009 | |||
Aggregate Intrinsic Value, Exercisable as of March 31, 2019 | $ 33,696 |
Share Based Compensation - Su_3
Share Based Compensation - Summary of Activities of Service-based RSU (Detail) - Restricted Stock Units (RSUs) - $ / shares | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Number of RSUs | ||
Number of RSUs, Unvested Beginning balance | 4,895,060 | |
Number of RSUs, Granted | 78,715,557 | 5,335,560 |
Number of RSUs, Vested | (6,114,640) | (93,500) |
Number of RSUs, Forfeited | (9,212,850) | (347,000) |
Number of RSUs, Unvested Ending balance | 68,283,127 | 4,895,060 |
Weighted-Average Grant-Date Fair Value | ||
Weighted-Average Grant-Date Fair Value, Unvested Beginning balance | $ 0.45 | |
Weighted-Average Grant-Date Fair Value, Granted | 0.67 | $ 0.45 |
Weighted-Average Grant-Date Fair Value, Vested | 0.63 | 0.45 |
Weighted-Average Grant-Date Fair Value, Forfeited | 0.64 | 0.45 |
Weighted-Average Grant-Date Fair Value, Unvested Ending balance | $ 0.66 | $ 0.45 |
Related Party Transactions An_3
Related Party Transactions And Balances - Schedule of Transactions with Major Related Parties (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Related Party Transaction [Line Items] | |||
Revenues | ¥ 17,249 | ¥ 7,373 | |
Cost of revenue | 69,333 | 51,814 | ¥ 28,614 |
iSNOB Holding Limited | Technology Service | |||
Related Party Transaction [Line Items] | |||
Revenues | 600 | ||
Tencent Group | Marketing Services Revenues | |||
Related Party Transaction [Line Items] | |||
Revenues | 1,081 | ||
Tencent Group | Cloud Technology Services | |||
Related Party Transaction [Line Items] | |||
Cost of revenue | 51,940 | 27,796 | 4,749 |
Tencent Group | Processing Fees | |||
Related Party Transaction [Line Items] | |||
Cost of revenue | 17,393 | 24,018 | ¥ 23,865 |
JM Weshop (Cayman) Inc. | |||
Related Party Transaction [Line Items] | |||
Other income | 476 | ||
JM Weshop (Cayman) Inc. | Technology Service | |||
Related Party Transaction [Line Items] | |||
Revenues | ¥ 16,168 | ¥ 6,773 |
Related Party Transactions An_4
Related Party Transactions And Balances - Additional Information (Detail) $ / shares in Units, ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||
Oct. 31, 2018CNY (¥) | Sep. 30, 2018CNY (¥) | Jun. 30, 2018CNY (¥)$ / shares | Jun. 30, 2018CNY (¥)shares | Mar. 31, 2019USD ($)$ / sharesshares | Mar. 31, 2019CNY (¥)shares | Mar. 31, 2019CNY (¥) | Jul. 18, 2018$ / shares | Jul. 18, 2018CNY (¥)shares | Mar. 31, 2018CNY (¥)shares | Mar. 31, 2017shares | Jun. 03, 2016$ / sharesshares | |
Related Party Transaction [Line Items] | ||||||||||||
Stock options exercised | shares | 87,990,491 | 87,990,491 | ||||||||||
Stock options exercised, exercise price | $ / shares | $ 0.01 | |||||||||||
Stock options exercised, exercise amount | ¥ 5,533 | |||||||||||
Loan, repaid | $ 929 | ¥ 6,236 | ||||||||||
Strategic business recources recognized as intangible assets, total fair value | $ 149,298 | ¥ 1,001,967 | ¥ 116,770 | |||||||||
Mr. Qi Chen | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Stock options exercised | shares | 87,990,491 | |||||||||||
Stock options exercised, exercise price | $ / shares | $ 0.01 | |||||||||||
Loan, principal amount | $ 6,840 | ¥ 6,840 | ||||||||||
Stock options exercised, exercise amount | 5,533 | |||||||||||
Stock options exercised, related tax | ¥ 1,307 | |||||||||||
Loan, repaid | ¥ 604 | ¥ 6,236 | ||||||||||
Convertible Redeemable Series C-3 Preferred Shares | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Convertible redeemable Series C-3 preferred shares, issued | shares | 157,047,506 | 29,446,407 | 29,446,407 | 29,446,407 | ||||||||
Convertible redeemable Series C-3 preferred shares, issued, price per share | $ / shares | $ 1.0188 | $ 1.0188 | ||||||||||
Convertible Redeemable Series C-3 Preferred Shares | Tencent Group | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Strategic business recources recognized as intangible assets, total fair value | ¥ 1,070,624 |
Related Party Transactions An_5
Related Party Transactions And Balances - Schedule of Balances with Major Related Parties (Detail) ¥ in Thousands, $ in Thousands | Mar. 31, 2019USD ($) | Mar. 31, 2019CNY (¥) | Mar. 31, 2018CNY (¥) |
Related Party Transaction [Line Items] | |||
Due from related party | $ 267 | ¥ 1,789 | ¥ 7,179 |
Due to related party | $ (1,400) | (9,393) | (20,103) |
JM Weshop (Cayman) Inc. | |||
Related Party Transaction [Line Items] | |||
Due from related party | 1,624 | 7,179 | |
Due to related party | (152) | ||
Tencent Group | |||
Related Party Transaction [Line Items] | |||
Due from related party | 165 | ||
Due to related party | ¥ (9,393) | (17,761) | |
Mr. Qi Chen | |||
Related Party Transaction [Line Items] | |||
Due to related party | (588) | ||
Mr. Yibo Wei | |||
Related Party Transaction [Line Items] | |||
Due to related party | (235) | ||
Mr. Xuqiang Yue | |||
Related Party Transaction [Line Items] | |||
Due to related party | (177) | ||
iSNOB Holding Limited | |||
Related Party Transaction [Line Items] | |||
Due to related party | ¥ (1,190) |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) - Segment | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2017 | |
Segment Reporting [Abstract] | ||
Number of operating segments | 1 | 2 |
Segment Reporting - Summary of
Segment Reporting - Summary of Operating Segments (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2019USD ($) | Mar. 31, 2019CNY (¥) | Mar. 31, 2018CNY (¥) | Mar. 31, 2017CNY (¥) | ||
Revenues | |||||
Revenues | $ 160,072 | ¥ 1,074,278 | ¥ 973,207 | ¥ 1,109,877 | |
Operating loss | |||||
Operating loss | (85,557) | (574,180) | (847,419) | (1,071,341) | |
Total other income | 5,021 | 33,700 | 33,464 | 24,514 | |
Loss before income tax and share of results of equity investee | $ (75,882) | ¥ (509,244) | ¥ (641,736) | (1,046,827) | |
Operating Segments | |||||
Operating loss | |||||
Operating loss | (518,212) | ||||
Operating Segments | Cross-border Business | |||||
Revenues | |||||
Revenues | 1,437 | ||||
Operating loss | |||||
Operating loss | (65,575) | ||||
Operating Segments | Domestic Business | |||||
Revenues | |||||
Revenues | 1,108,440 | ||||
Operating loss | |||||
Operating loss | (452,637) | ||||
Unallocated Expenses | |||||
Operating loss | |||||
Operating loss | [1] | ¥ (553,129) | |||
[1] | Unallocated items include amortization expenses of intangible assets from acquired business, impairment of goodwill and intangible assets and share based compensation expenses. |
Loss Per Share - Schedule of Ca
Loss Per Share - Schedule of Calculation of Basic and Diluted Loss Per Share (Detail) ¥ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2019USD ($)shares | Mar. 31, 2019CNY (¥)¥ / sharesshares | Mar. 31, 2018CNY (¥)¥ / sharesshares | Mar. 31, 2017CNY (¥)¥ / sharesshares | |
Numerator: | ||||
Net loss | $ (72,460) | ¥ (486,275) | ¥ (558,169) | ¥ (939,137) |
Accretion of convertible redeemable preferred shares to redemption value | (75,978) | (509,904) | (688,240) | (601,902) |
Deemed dividends to preferred shareholders | (13,273) | (89,076) | ||
Net loss attributable to ordinary shareholders-Basic and Diluted | $ (161,711) | ¥ (1,085,255) | ¥ (1,246,409) | ¥ (1,541,039) |
Denominator: | ||||
Weighted average number of ordinary shares-basic and diluted | shares | 1,247,998,533 | 1,247,998,533 | 550,793,455 | 555,729,818 |
Basic and diluted loss per share | ¥ / shares | ¥ (0.87) | ¥ (2.26) | ¥ (2.77) |
Loss Per Share - Schedule of Co
Loss Per Share - Schedule of Computation of Potentially Anti-Dilutive Securities (Detail) - shares | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from computation of diluted net loss per share | 99,267,557 | 1,910,740,318 | 1,869,267,938 |
Preferred Shares | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from computation of diluted net loss per share | 1,667,342,650 | 1,662,179,444 | |
Convertible Redeemable Class B Ordinary Shares | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from computation of diluted net loss per share | 90,491,694 | 90,491,694 | |
Share Options and RSUs | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from computation of diluted net loss per share | 99,267,557 | 152,905,974 | 116,596,800 |
Restricted Net Assets - Additio
Restricted Net Assets - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Restricted Net Assets [Line Items] | |||
Minimum percentage, appropriation to the statutory surplus fund of the after-tax profits | 10.00% | ||
Maximum percentage of the registered capital where appropriation is not required | 50.00% | ||
Amount of restricted net assets of consolidated and unconsolidated subsidiaries | ¥ 4,621,582 | ¥ 4,329,843 | |
Statutory Reserves | |||
Restricted Net Assets [Line Items] | |||
Appropriations to statutory surplus fund and other reserve funds | ¥ 496 | ¥ 1,067 | ¥ 773 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |||
The rental expenses and IT related expenses | ¥ 66,931 | ¥ 77,024 | ¥ 106,165 |
Capital leases, future minimum payments due | 0 | ||
Loss contingency accrual | ¥ 0 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Future Minimum Lease Payments under Non-cancelable Operating Leases Agreements (Detail) ¥ in Thousands | Mar. 31, 2019CNY (¥) |
2020 | ¥ 32,110 |
2021 | 23,886 |
2022 | 19,580 |
Total | 75,576 |
Operating Lease Obligations | |
2020 | 27,398 |
2021 | 23,886 |
2022 | 19,580 |
Total | 70,864 |
Server Storage Expenses | |
2020 | 4,712 |
Total | ¥ 4,712 |
Parent Company Only Condensed_3
Parent Company Only Condensed Financial Information - Condensed Balance Sheets (Detail) ¥ in Thousands, $ in Thousands | Mar. 31, 2019USD ($) | Mar. 31, 2019CNY (¥) | Mar. 31, 2018USD ($) | Mar. 31, 2018CNY (¥) | Mar. 31, 2017CNY (¥) | Mar. 31, 2016CNY (¥) |
Current assets: | ||||||
Cash and cash equivalents | $ 190,236 | ¥ 1,276,710 | ¥ 1,224,393 | |||
Amounts due from subsidiaries | 267 | 1,789 | 7,179 | |||
Prepayments and other current assets | 24,026 | 161,249 | 188,862 | |||
Total current assets | 265,034 | 1,778,697 | 1,655,795 | |||
Non-current assets: | ||||||
Intangible assets, net | 149,298 | 1,001,967 | 116,770 | |||
Total non-current assets | 420,951 | 2,825,079 | 1,921,726 | |||
Total assets | 685,985 | 4,603,776 | 3,577,521 | |||
Current liabilities: | ||||||
Amounts due to subsidiaries | 1,400 | 9,393 | 20,103 | |||
Accruals and other current liabilities | 73,368 | 492,385 | 608,486 | |||
Total current liabilities | 81,790 | 548,900 | 670,073 | |||
Non-current liabilities: | ||||||
Deferred tax liabilities | 370 | 2,485 | 25,233 | |||
Other non-current liabilities | 704 | 4,722 | ||||
Total non-current liabilities | 1,074 | 7,207 | 25,233 | |||
Total liabilities | 82,864 | 556,107 | 695,306 | |||
MEZZANINE EQUITY | ||||||
Convertible redeemable shares | 7,384,872 | |||||
SHAREHOLDERS' (DEFICIT)/EQUITY | ||||||
Additional paid-in capital | 1,399,561 | 9,392,737 | ||||
Accumulated other comprehensive (loss)/income | 11,592 | 77,795 | (3,650) | |||
Accumulated deficit | (808,426) | (5,425,515) | (4,501,017) | |||
Total MOGU Inc. shareholders' (deficit)/equity | 603,121 | 4,047,669 | (4,502,657) | |||
Total liabilities, mezzanine equity and shareholders' (deficit)/equity | 685,985 | 4,603,776 | 3,577,521 | |||
Convertible Redeemable Class B Ordinary Shares | ||||||
MEZZANINE EQUITY | ||||||
Convertible redeemable shares | 140,255 | |||||
Convertible Redeemable Series A Preferred Shares | ||||||
MEZZANINE EQUITY | ||||||
Convertible redeemable shares | 1,455,962 | |||||
Convertible Redeemable Series B Preferred Shares | ||||||
MEZZANINE EQUITY | ||||||
Convertible redeemable shares | 3,148,579 | |||||
Convertible Redeemable Series C Preferred Shares | ||||||
MEZZANINE EQUITY | ||||||
Convertible redeemable shares | 2,640,076 | |||||
Class A Ordinary Shares | ||||||
SHAREHOLDERS' (DEFICIT)/EQUITY | ||||||
Ordinary shares | 23 | 161 | 21 | |||
Class B Ordinary Shares | ||||||
SHAREHOLDERS' (DEFICIT)/EQUITY | ||||||
Ordinary shares | 2 | 16 | ||||
Class C Ordinary Shares | ||||||
SHAREHOLDERS' (DEFICIT)/EQUITY | ||||||
Ordinary shares | 10 | |||||
Parent Company | ||||||
Current assets: | ||||||
Cash and cash equivalents | 76,026 | 510,226 | $ 44,814 | 300,753 | ¥ 445,562 | ¥ 1,451,230 |
Amounts due from subsidiaries | 117,641 | 789,513 | 397,380 | |||
Prepayments and other current assets | 758 | 5,090 | 670 | |||
Total current assets | 194,425 | 1,304,829 | 698,803 | |||
Non-current assets: | ||||||
Intangible assets, net | 147,245 | 988,188 | ||||
Investments in subsidiaries, VIEs and VIEs' subsidiaries | 249,345 | 1,673,406 | 2,112,639 | |||
Investments in other investees | 33,893 | 227,462 | 171,169 | |||
Total non-current assets | 430,483 | 2,889,056 | 2,283,808 | |||
Total assets | 624,908 | 4,193,885 | 2,982,611 | |||
Current liabilities: | ||||||
Amounts due to subsidiaries | 13,089 | 87,842 | 86,165 | |||
Accruals and other current liabilities | 7,624 | 51,167 | 13,272 | |||
Total current liabilities | 20,713 | 139,009 | 99,437 | |||
Non-current liabilities: | ||||||
Deferred tax liabilities | 370 | 2,485 | 959 | |||
Other non-current liabilities | 704 | 4,722 | ||||
Total non-current liabilities | 1,074 | 7,207 | 959 | |||
Total liabilities | 21,787 | 146,216 | 100,396 | |||
MEZZANINE EQUITY | ||||||
Convertible redeemable shares | 7,384,872 | |||||
SHAREHOLDERS' (DEFICIT)/EQUITY | ||||||
Additional paid-in capital | 1,399,561 | 9,392,737 | ||||
Accumulated other comprehensive (loss)/income | 11,592 | 77,795 | (3,650) | |||
Accumulated deficit | (808,057) | (5,423,040) | (4,499,038) | |||
Total MOGU Inc. shareholders' (deficit)/equity | 603,121 | 4,047,669 | (4,502,657) | |||
Total liabilities, mezzanine equity and shareholders' (deficit)/equity | 624,908 | 4,193,885 | 2,982,611 | |||
Parent Company | Convertible Redeemable Class B Ordinary Shares | ||||||
MEZZANINE EQUITY | ||||||
Convertible redeemable shares | 140,255 | |||||
Parent Company | Convertible Redeemable Series A Preferred Shares | ||||||
MEZZANINE EQUITY | ||||||
Convertible redeemable shares | 1,455,962 | |||||
Parent Company | Convertible Redeemable Series B Preferred Shares | ||||||
MEZZANINE EQUITY | ||||||
Convertible redeemable shares | 3,148,579 | |||||
Parent Company | Convertible Redeemable Series C Preferred Shares | ||||||
MEZZANINE EQUITY | ||||||
Convertible redeemable shares | 2,640,076 | |||||
Parent Company | Class A Ordinary Shares | ||||||
SHAREHOLDERS' (DEFICIT)/EQUITY | ||||||
Ordinary shares | 23 | 161 | 21 | |||
Parent Company | Class B Ordinary Shares | ||||||
SHAREHOLDERS' (DEFICIT)/EQUITY | ||||||
Ordinary shares | $ 2 | ¥ 16 | ||||
Parent Company | Class C Ordinary Shares | ||||||
SHAREHOLDERS' (DEFICIT)/EQUITY | ||||||
Ordinary shares | ¥ 10 |
Parent Company Only Condensed_4
Parent Company Only Condensed Financial Information - Condensed Balance Sheets (Parenthetical) (Detail) - $ / shares | Mar. 31, 2019 | Dec. 09, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | May 30, 2014 | May 16, 2014 | May 24, 2013 | May 23, 2013 | Jan. 19, 2012 | Nov. 30, 2011 |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Ordinary shares, par value | $ 0.00001 | $ 0.00100 | |||||||||
Ordinary shares, authorized | 50,000,000,000 | 3,263,949,065 | |||||||||
Convertible Redeemable Class B Ordinary Shares | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Convertible redeemable shares, par value | $ 0.00001 | ||||||||||
Convertible redeemable shares, shares authorized | 90,491,694 | ||||||||||
Convertible redeemable shares, shares issued | 90,491,694 | ||||||||||
Convertible redeemable shares, shares outstanding | 90,491,694 | ||||||||||
Convertible Redeemable Series A Preferred Shares | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Convertible redeemable shares, par value | $ 0.00001 | $ 0.00001 | |||||||||
Convertible redeemable shares, shares authorized | 825,308,112 | ||||||||||
Convertible redeemable shares, shares issued | 825,308,112 | 166,666,700 | |||||||||
Convertible redeemable shares, shares outstanding | 825,308,112 | ||||||||||
Convertible Redeemable Series B Preferred Shares | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Convertible redeemable shares, par value | $ 0.00001 | $ 0.00001 | |||||||||
Convertible redeemable shares, shares authorized | 484,741,676 | ||||||||||
Convertible redeemable shares, shares issued | 484,741,676 | 148,000,000 | |||||||||
Convertible redeemable shares, shares outstanding | 484,741,676 | ||||||||||
Convertible Redeemable Series C Preferred Shares | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Convertible redeemable shares, par value | $ 0.00001 | $ 0.00001 | $ 0.00001 | ||||||||
Convertible redeemable shares, shares authorized | 426,001,147 | ||||||||||
Convertible redeemable shares, shares issued | 357,292,862 | 81,508,317 | 208,661,292 | ||||||||
Convertible redeemable shares, shares outstanding | 357,292,862 | ||||||||||
Class A Ordinary Shares | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Ordinary shares, par value | $ 0.00001 | $ 0.00001 | $ 0.00001 | ||||||||
Ordinary shares, authorized | 49,000,000,000 | 49,000,000,000 | 49,000,000,000 | ||||||||
Ordinary shares, shares issued | 2,371,289,450 | 335,534,850 | |||||||||
Ordinary shares, shares outstanding | 2,371,289,450 | 335,534,850 | 335,534,850 | 340,583,121 | |||||||
Class B Ordinary Shares | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Ordinary shares, par value | $ 0.00001 | $ 0.00001 | |||||||||
Ordinary shares, authorized | 500,000,000 | 500,000,000 | |||||||||
Ordinary shares, shares issued | 303,234,004 | 90,491,694 | |||||||||
Ordinary shares, shares outstanding | 303,234,004 | 90,491,694 | |||||||||
Class C Ordinary Shares | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Ordinary shares, par value | $ 0.00001 | ||||||||||
Ordinary shares, shares issued | 215,243,513 | ||||||||||
Ordinary shares, shares outstanding | 215,243,513 | 215,243,513 | 215,243,513 | ||||||||
Parent Company | Convertible Redeemable Class B Ordinary Shares | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Convertible redeemable shares, par value | $ 0.00001 | ||||||||||
Convertible redeemable shares, shares authorized | 90,491,694 | ||||||||||
Convertible redeemable shares, shares issued | 0 | 90,491,694 | |||||||||
Convertible redeemable shares, shares outstanding | 0 | 90,491,694 | |||||||||
Parent Company | Convertible Redeemable Series A Preferred Shares | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Convertible redeemable shares, par value | $ 0.00001 | ||||||||||
Convertible redeemable shares, shares authorized | 825,308,112 | ||||||||||
Convertible redeemable shares, shares issued | 0 | 825,308,112 | |||||||||
Convertible redeemable shares, shares outstanding | 0 | 825,308,112 | |||||||||
Parent Company | Convertible Redeemable Series B Preferred Shares | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Convertible redeemable shares, par value | $ 0.00001 | ||||||||||
Convertible redeemable shares, shares authorized | 484,741,676 | ||||||||||
Convertible redeemable shares, shares issued | 0 | 484,741,676 | |||||||||
Convertible redeemable shares, shares outstanding | 0 | 484,741,676 | |||||||||
Parent Company | Convertible Redeemable Series C Preferred Shares | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Convertible redeemable shares, par value | $ 0.00001 | ||||||||||
Convertible redeemable shares, shares authorized | 426,001,147 | ||||||||||
Convertible redeemable shares, shares issued | 0 | 357,292,862 | |||||||||
Convertible redeemable shares, shares outstanding | 0 | 357,292,862 | |||||||||
Parent Company | Class A Ordinary Shares | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Ordinary shares, par value | $ 0.00001 | $ 0.00001 | |||||||||
Ordinary shares, authorized | 49,000,000,000 | 49,000,000,000 | |||||||||
Ordinary shares, shares issued | 2,371,289,450 | 335,534,850 | |||||||||
Ordinary shares, shares outstanding | 2,371,289,450 | 335,534,850 | |||||||||
Parent Company | Class B Ordinary Shares | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Ordinary shares, par value | $ 0.00001 | ||||||||||
Ordinary shares, authorized | 500,000,000 | ||||||||||
Ordinary shares, shares issued | 303,234,004 | 0 | |||||||||
Ordinary shares, shares outstanding | 303,234,004 | 0 | |||||||||
Parent Company | Class C Ordinary Shares | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Ordinary shares, par value | $ 0.00001 | ||||||||||
Ordinary shares, shares issued | 0 | 215,243,513 | |||||||||
Ordinary shares, shares outstanding | 0 | 215,243,513 |
Parent Company Only Condensed_5
Parent Company Only Condensed Financial Information - Condensed Statements of Comprehensive Loss (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2019USD ($) | Mar. 31, 2019CNY (¥) | Mar. 31, 2018CNY (¥) | Mar. 31, 2017CNY (¥) | |
Condensed Financial Statements, Captions [Line Items] | ||||
General and administrative expenses | $ (25,089) | ¥ (168,379) | ¥ (100,105) | ¥ (123,404) |
Amortization of intangible assets | (29,037) | (194,874) | (384,555) | (440,772) |
Other expense, net | 1,305 | 8,761 | 18,961 | (17,429) |
Loss from operations | (85,557) | (574,180) | (847,419) | (1,071,341) |
Interest income | 5,021 | 33,700 | 33,464 | 24,514 |
Investment gain | 9,393 | 158,627 | ||
Gain form investment disposal | 4,654 | 31,236 | ||
Gains on deconsolidation of a subsidiary | 13,592 | |||
Loss before income tax and share of results of equity investee | (75,882) | (509,244) | (641,736) | (1,046,827) |
Income tax benefits | 2,565 | 17,217 | 88,665 | 107,687 |
Share of results of equity investee | 857 | 5,752 | (4,982) | |
Net loss | (72,460) | (486,275) | (558,053) | (939,140) |
Accretion on convertible redeemable preferred shares to redemption value | (75,978) | (509,904) | (688,240) | (601,902) |
Deemed dividends to preferred shareholders | (13,273) | (89,076) | ||
Net loss attributable to MOGU Inc.'s ordinary shareholders | (161,711) | (1,085,255) | (1,246,409) | (1,541,039) |
Net Loss | (72,460) | (486,275) | (558,053) | (939,140) |
Other comprehensive income/(loss): | ||||
Foreign currency translation adjustments, net of nil tax | 8,261 | 55,440 | (81,141) | 96,010 |
Share of other comprehensive (loss)/gain of equity method investee | 140 | 938 | (2,124) | |
Unrealized securities holding gains, net of tax | 3,735 | 25,067 | 10,866 | 1,000 |
Total comprehensive loss | (60,324) | (404,830) | (630,568) | (842,127) |
Parent Company | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
General and administrative expenses | (809) | (5,431) | (3,579) | (2,435) |
Amortization of intangible assets | (12,283) | (82,436) | ||
Other expense, net | (164) | (1,098) | (6,183) | 88 |
Loss from operations | (13,256) | (88,965) | (9,762) | (2,347) |
Interest income | 1,122 | 7,532 | 8,146 | 8,136 |
Loss from subsidiaries, VIEs and VIEs' subsidiaries | (65,837) | (441,830) | (723,790) | (944,926) |
Investment gain | 158,627 | |||
Gain form investment disposal | 4,654 | 31,236 | ||
Gains on deconsolidation of a subsidiary | 13,592 | |||
Loss before income tax and share of results of equity investee | (73,317) | (492,027) | (553,187) | (939,137) |
Income tax benefits | 0 | 0 | 0 | 0 |
Share of results of equity investee | 857 | 5,752 | (4,982) | |
Net loss | (72,460) | (486,275) | (558,169) | (939,137) |
Accretion on convertible redeemable preferred shares to redemption value | (75,978) | (509,904) | (688,240) | (601,902) |
Deemed dividends to preferred shareholders | (13,273) | (89,076) | ||
Net loss attributable to MOGU Inc.'s ordinary shareholders | (161,711) | (1,085,255) | (1,246,409) | (1,541,039) |
Net Loss | (72,460) | (486,275) | (558,169) | (939,137) |
Other comprehensive income/(loss): | ||||
Foreign currency translation adjustments, net of nil tax | 8,261 | 55,440 | (81,141) | 96,010 |
Share of other comprehensive (loss)/gain of equity method investee | 140 | 938 | (2,124) | |
Share of other comprehensive income of subsidiaries, VIEs and VIEs' subsidiaries, net of tax | (237) | (1,588) | 7,928 | 1,000 |
Unrealized securities holding gains, net of tax | 3,972 | 26,655 | 2,938 | |
Total other comprehensive income/(loss) | 12,136 | 81,445 | (72,399) | 97,010 |
Total comprehensive loss | $ (60,324) | ¥ (404,830) | ¥ (630,568) | ¥ (842,127) |
Parent Company Only Condensed_6
Parent Company Only Condensed Financial Information - Condensed Statements of Comprehensive Loss (Parenthetical) (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2019USD ($) | Mar. 31, 2019CNY (¥) | Mar. 31, 2018CNY (¥) | Mar. 31, 2017CNY (¥) | |
Condensed Financial Statements, Captions [Line Items] | ||||
Foreign currency translation adjustments, tax | $ 0 | ¥ 0 | ¥ 0 | ¥ 0 |
Parent Company | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Foreign currency translation adjustments, tax | $ 0 | ¥ 0 | ¥ 0 | ¥ 0 |
Parent Company Only Condensed_7
Parent Company Only Condensed Financial Information - Condensed Statements of Cash Flows (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2019USD ($) | Mar. 31, 2019CNY (¥) | Mar. 31, 2018CNY (¥) | Mar. 31, 2017CNY (¥) | |
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash (used in)/provided by operating activities | $ (48,547) | ¥ (325,808) | ¥ (314,862) | ¥ (832,497) |
Net cash used in investing activities | (12,343) | (82,836) | 340,461 | (541,637) |
Net cash provided by financing activities | 61,818 | 414,872 | 7,136 | 194,964 |
Cash and cash equivalents at beginning of year | 1,224,393 | |||
Cash and cash equivalents at end of year | 190,236 | 1,276,710 | 1,224,393 | |
Parent Company | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash (used in)/provided by operating activities | 1,227 | 8,240 | (37,887) | (26,547) |
Net cash used in investing activities | (31,833) | (213,639) | (106,922) | (1,171,263) |
Net cash provided by financing activities | 61,818 | 414,872 | 192,142 | |
Net (decrease)/increase in cash and cash equivalents | 31,212 | 209,473 | (144,809) | (1,005,668) |
Cash and cash equivalents at beginning of year | 44,814 | 300,753 | 445,562 | 1,451,230 |
Cash and cash equivalents at end of year | $ 76,026 | ¥ 510,226 | ¥ 300,753 | ¥ 445,562 |